Personal Property Securities Register (PPSR) - Changes 31 January 2014

The transitional period to register any interests not yet registered is about to end.

It is important to act now to register any outstanding pre-PPS Act security interests on the PPSR before the transitional/grace ends on 31 January 2014.

Do you sell goods on terms, such as retention of title, or leasing out valuable goods?

Under the PPS Act a person who supplies goods or leases goods to a customer can be treated as having a security interest in the goods (on the basis that the supplier retains ownership until paid). Failing to register this entitlement (known as a security interest) on the PPSR can mean these goods will be lost to their customers creditors even though the owner of the goods has not changed.

If your customer becomes insolvent, the bank will probably have a registered interest, so they will benefit and you will lose.

If you are a vendor of goods, now is the time to ensure your terms of trade are effective and to understand the procedures to avoid an increase in the potential for bad debts.

Do you purchase valuable second-hand items? You can check the PPSR to see if goods such as a vehicle, machinery, stock or other items that you intend to purchase are subject to security interests. Doing a search to check before you make a purchase is low cost, easy and gives immediate results.

 

Any advice contained in this website is of a general nature only and does not take into account your circumstances or needs. You must decide if this information is suitable to your personal situation or seek advice.

Rolanda has been my financial adviser for 20 years. I have always found her to be highly intelligent, knowledgeable and professional in her career. Rolanda is accessible at all times and patiently explains terms that I do not fully understand. I can highly recommend Rolanda and it is a pleasure to do so. I do this with the utmost confidence. Marcia Montgomery (Retiree – home duties and ex-clerk with Water Board)
I retired Oct 2012, and seeking Financial Advice for my retirement funds, I decided to have Rolanda look after my financial affairs, and so happy I did. Since my retirement I am extremely comfortable with Rolanda’s advice, experience and strategies and the returns on my investments. Rolanda is my "Breath of Fresh Air" at this stage of my life and she makes herself available 24/7 should you need to talk with her. Steve Hoad (Ground Engineer, Qantas)
In 1997 I left Energy Australia and decided to join Rolanda Adams Financial Services for the financial support and advice that I would need into the future. That decision has proved a very good one and I am still with Rolanda who has given me advice and friendship over those many years. The advice given has ensured that my investments have been protected and the major losses, of some, during the GFC was not felt by me unduly. Rolanda and her team are very easy to contact at any time and one is always received in a most professional manner. I would be most happy to recommend Rolanda Adams Financial Services to all who need financial services. Graham Fleeton (Manager, Property Insurance Group Energy Australia (Ausgrid))
Rolanda has been my Adviser for the past 18 years. Through her wide industry experience and professional expertise she has ensured the sound development and ongoing management of my investments. Her advice has invariably been sound, timely and entirely tuned to meet my personal needs in retirement. She has a friendly, engaging manner and is always readily available to address any of my concerns. I have no hesitation in recommending her. Neil O'Keeffe (Chief Inspector (retired), Australian Customs Service)

© 2019 Rolanda Adams Financial Services Pty Ltd. All rights reserved. Site by PlannerWeb.