Commercial Law

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Finally the Personal Property Securities Register is making its mark

Friday, February 06, 2015

We are starting to see an increasing trend in new registrations and searches being carried out on the Personal Property Securities Register (PPSR).  This is an encouraging sign as we hit the 2 year mark since the implementation of the Personal Property Securities Act (PPSA) on 30 January 2012.

The PPSA was introduced to streamline how we deal with and record security interests in personal property other than land. The PPSR brought together 23 separate registers to create one national public register of securities.

Recent PPSR statistics show that over the last 12 months there has been a steady increase in the number of searches being carried out on the PPSR. In the December 2014 quarter we saw 522,682 new registration listed on the PPSR and 1,004,883 registrations amended.

Interestingly in the December 2014 quarter there were only 345,216 registrations which were discharged or removed from the PPSR. Many registrations cover long-standing commercial relationships, so one would expect they would remain current on the register for a number of years. However, one further explanation for this is that many registrations are not properly removed after the security interest has fallen away, or the associated obligation or payment has been fulfilled. When searching the register you should consider whether the registrations shown are current or obsolete.

There are a number of situations where you are required to register your security interest on the PPSR in order to protect your interests. For example, supply of goods on a retention of title basis, leasing arrangements, equipment hire and loan agreements.

If you would like legal advice on your rights and obligations under the PPSA or information on how to protect your security interests please contact us.

Jeffrey Brown – jeffreyb@matthewsfolbigg.com.au or 9635 7966

Laura Willis – lauraw@matthewsfolbigg.com.au or 9635 7966 

Having trouble understanding the PPSA?

Thursday, October 23, 2014

If you are having trouble getting your head around the complex Personal Property Securities Act (PPSA) there are many other individuals and companies who face the same dilemma.

Contact a commercial lawyer at Matthews Folbigg to obtain a comprehensive understanding of how to protect your security interests, as well as how to go about making registrations on the Personal Property Securities Register.  We offer detailed legal advice and interactive tutorials in-house or at your office.

Jeffrey Brown – jeffreyb@matthewsfolbigg.com.au or 9635 7966

Laura Willis - lauraw@matthewsfolbigg.com.au or 9635 7966

Review of the Personal Property Securities Act (PPSA)

Thursday, October 23, 2014

The Government is currently in the process of reviewing the PPSA (the Act which governs security over assets other than land) to address continuing problems and 'teething issues'. Currently there are a number of consultation papers which are being released for comment in preparation for the final report.The legislation requires the review to be completed by 30 January 2015. 

To find out more about the PPSA and how to protect your security interests contact a commercial lawyer at Matthews Folbigg. We can provide you with comprehensive legal advice and assist with PPSR registrations.

Jeffrey Brown – jeffreyb@matthewsfolbigg.com.au or 9635 7966

Laura Willis – lauraw@matthewsfolbigg.com.au or 9635 7966  

Do you have a SMSF?

Monday, October 06, 2014

The ATO website has a great deal of information about SMSF.  They have published a number of checklists that you can use from setting up your SMSF to paying a pension or winding it up. Follow this link for the checklists - https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/SMSF-checklists/

Our Commercial Lawyer and Business Lawyer Parramatta can assist you in establishing your own SMSF and can  provide advice in relation to paying pensions and borrowing through your SMSF. 

Contact our Business Lawyer Parramatta if you require advice about any aspect of your SMSF.

Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966


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