Commencement of the Personal Property Security Register has been
postponed until late October. Find and claim is now available.
For those who came in late
The Personal Property Securities (PPS) reform
scheduled to commence in October 2011 completely replaces the
existing schemes for registering security over most types of assets
except real estate. For example, charges over companies will no
longer be registered at ASIC and security over motor vehicles will
no longer be registered at REVS.
Instead, these security interests will be registered on
the PPS Register.
In addition, security interests which were not previously
registrable can be registered in the PPS Register. This is
particularly important in relation to owner's rights under
equipment leases, hire purchase agreements, and retention of title
Find and claim
Gadens Lawyers is one of the few law firms with
access to the PPS Register's pre-registration commencement time
(Pre-RCT) find and claim procedure. This enables
establish Secured Party Groups (SPGs) for
obtain a list of securities which have been migrated to the PPS
Register and allocate them to the financier's SPG.
Participation in Pre-RCT 'find and claim' is not
essential (although most large financiers will participate). The
key advantage of participating is to gather all your security
interests into a single Secured Party Group (SPG).
Businesses who regularly lease equipment or take charges will want
to create an SPG to facilitate dealing with their
Participation in Pre-RCT 'find and claim also provides:
early ability to review migrated fixed and floating charges and
to consider whether it is appropriate to lodge an additional
financing statement in relation to (for example) serial numbered
create a single point of reference for all your
If you would like Gadens to undertake to establish an SPG and
conduct a find and claim on your behalf, please contact Umniyat
Choudhury on 9931 4952. We can also develop a transition plan for
your business and provide amended documents customised to operate
in the PPS world.
In the years following the global financial crisis of 2008 many Australian investors lost their life savings as financial products failed and the Australian Stock Exchange shed over 3,000 points.
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