What is the PPSR?
The PPSR is an amalgamation of registrations that were recorded in registers including the Australian Security and Investments Commission (ASIC) Register of Company Charges, the Australian Register of Ships, the Fisheries Register, state and territory bills of sale registers, and the state and territory Registers of Encumbered Vehicles (REVS).
All charges and other security interests in personal property (such as cars, boats, intellectual property etc) have been recorded on the PPSR since 30 January 2012. Although the PPSR has been in place for over 5 years now, we are after asked “What is the PPSR?”
It does not include real property (land or buildings) as these are covered by the various land title registers in the States and Territories, such as Land and Property Information in NSW.
On the PPSR:
• you can register a notice to show that you have rights over personal property which secure a debt or obligation that someone owes you
• you can check to see if someone has registered an interest over personal property you want to buy or lease.
If you are buying a business or an asset of significant value, it can pay to have the PPSR properly searched because if you buy property subject to a security interest, it is possible that the person or entity with the security interest will repossess it.
This information is general only and is not a substitute for proper legal advice. Please contact McKillop Legal to discuss your estate planning needs.