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It will soon be time to give your Personal Property Securities Registrations a “Spring Clean”

Remember how much fun it was to register to protect your security interests on the Personal Property Securities register (PPSR) when it came into force in 2012?

If you answered ‘yes’, then the fun will return this year as many of those registrations will come up for renewal in January 2019. This is because by far the most common duration of registration has been 7 years. So, hundreds of thousands of registrations will be subjected to expiration next year, unless they are renewed.

Those with long memoires might also recall the confusion that reigned over technical aspects of the registration process, which lead many businesses to register multiple interests, on the basis that “it’s better to be safe then sorry”. [...]  READ MORE →

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When is a PPS registration effective?

By Hayley Hitch, a Solicitor of Matthews Folbigg, in our Insolvency, Restructuring and Debt Recovery Group.

A Personal Property Security (“”) registration is effective from the date of registration. However, many variables or factors may invalidate a registration and therefore cause issue in respect of priority placement between security interests.

In the matter of Accolade Wines Australia Limited and Ors [2016] NSWSC 1023 (“Accolade”), the Plaintiffs registered a security agreement on the PPS register against various grantors. However, the Plaintiffs registered the security interest under the name and ABN of each grantor but failed to register the agreement under the ACN of the various grantors. By failing to register the PPS under the ACN of each relevant company, this invalidated the PPS registration. [...]  READ MORE →

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Finally the Personal Property Securities Register is making its mark

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. [...]  READ MORE →

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Failing to register security interests on the PPSR

Proceedings were recently commenced in NSW in relation to the lease of 4 gas turbines worth approximately $50M where the lessee of the gas turbines has gone into liquidation.  The owners of the gas turbines failed to register their security interest on the PPSR and are now at risk of losing priority to other creditors, despite being the legal owners.

Our Business Lawyer Parramatta can assist you in ensuring your assets are properly secured on the PPSR.

Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966 [...]  READ MORE →

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Intellectual Property and the Personal Property Securities Register (PPSR)

If you have a security interest in intellectual property such as a mortgage over a patent or trade mark, you must register that interest on the PPS Register in order to protect and enforce it.

Security interests recorded on IP Australia’s registers are not being automatically transferred to the PPS Register. As the transitional period has now ended, it is important to register your interest as soon as possible.

If you would like more information about the PPSR or whether an interest in intellectual property is a PPS interest, contact the specialised legal team at Matthews Folbigg in Parramatta. [...]  READ MORE →

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Personal Property Securities Act 2009 (Cth) – One year after inception of the PPSR

The following examples outline issues that have arisen since the commencement of the Personal Property Security Register (PPSR) on 30 January 2012.

WOW Sight and Sound
This Queensland based electronics retailer went into receivership on 27 February 2012. It was the first major receivership after the commencement of the PPSR. Many unregistered creditors including a lot of retention of title (ROT) suppliers were caught out as the receivers advised that they would only honour ROT claims where there was a registered security interest on the PPSR. [...]  READ MORE →