The Personal Property Securities Act 2009 (Cth) (PPSA)
comes into effect on 30 January 2012 and brings sweeping changes to
business, how you will go about protecting your clients'
business assets and the ownership of personal property.
The PPSA will also do away with a number of public registers
such as the ASIC charges register, bills of sale, and REVS, which
will all cease when PPSA commences and will create the PPS
Register. Failure to properly register an interest in assets on the
PPS Register may result in your clients having no claim over their
assets in an insolvency ? even if your client owns them.
If any of your clients:
are financiers or provide vendor finance;
sell goods on credit;
store goods with others;
lease motor vehicles, plant and equipment or other assets;
provide stock or other assets on consignment to third
grant licences to other parties to use products, trademarks or
other intellectual property;
are subject to a charge;
have business financing;
deal with chattel mortgages or retention of title
have hire purchase agreements; or
are thinking of buying or selling a business
you need to know about the PPSA and how it will affect them.
For more detailed information on PPSA, please
On 30 January 2012, Cooper Grace Ward Lawyers will run a
complimentary presentation and workshop-style session during which
we will discuss and case study how to identify transactions that
are impacted, and how to prepare you and your clients for the
changes required. Please
click here for more information and to register to attend.
Winner - EOWA Employer of Choice for Women Citation 2009, 2010
Winner - Australasian Law Awards Gold Employer of Choice 2011
Finalist - ALB Australasian Law Awards 2008, 2010 and 2011 (Best
Winner - BRW Client Choice Awards 2009 and 2010 - Best Australian
Law Firm (revenue less than $50m)
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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