3/01/2012
The Personal Property Securities Act 2009 will come into effect from 30 January 2012 and as a result the manner in which our business clients transact and deal with personal property will be significantly and substantially altered.
The new system will impact on the way our business clients conduct their business in the most basic of ways: from the checks that need to be undertaken when acquiring assets to the manner in which businesses can secure their interests in assets.
Persons holding a security interest in items of personal property will be required to register their interest on the Register if their interest is to be protected against third parties. The Register will also act as a vehicle through which secured parties can give notice to others of their actual or prospective security interests. The Register will be kept electronically and will be accessible over the internet to authorised users.
These new measures will require business owners to establish new systems and procedures when engaging in many common business transactions, such as asset leasing, hire-purchase transactions and the extension of credit to debtors. It may also require standard terms and conditions of trade to be varied. Either way, it is critical that businesses understand the new system and allow themselves sufficient time to alter your current business practices if necessary.
Due to the impact of the PPSR on our business clients we intend to run small group sessions in January 2012 with Fiona Giblin, Principal in our commercial law department and a member of our staff. These sessions will not only provide a brief overview of the PPSR legislation and the impacts on our business clients, but will also involve a practical session including searching the register, and making additions and modifications to the register.
It is intended that sessions run for approximately 3 hours and include approximately 6 participants. The cost per participant is $200.00 plus GST. Please note that sessions will only run if they are fully booked. Proposed session times are 10.00am to 1.00pm on Monday 9th, Wednesday 11th, Friday 13th, Tuesday 17th and Thursday 19th January 2012.
Please telephone our offices on 03 5560 2000 to book your session.