The Personal
Properties Securities Act (PPSA) came into effect on 30 January 2012. It consolidated over 70 existing
Commonwealth, State and Territory laws and registers regarding personal
property security interests under the one national system.
The PPSA allowed
a 24 month transitional period to register customers where you had an existing
security interest. (Ie. ‘Retention of title’ clause in your contract). This period is due to expire on 30 January
2014.
The halfway mark has now passed!
Registration of transitional security interests direct on the
government website during this period is free.
Once the period expires, the full government fee of $7.40 per
registration (for 7 years) will be charged.
To avoid these fees – in some cases $1,000’s - it is
important to give serious consideration to how you intend to protect your
interests.
The IMC PPSR
Management Portal is an online solution for companies and provides a
business-to-government interface to bulk upload your debtors and manage the
ongoing administration of registrations, amendments, discharges and more.
The package includes:
·
Data matching/cleansing
·
Bulk PPSR registration
·
12 months access to the PPSR Portal for ongoing
registrations, amendments, discharges etc.
·
Access to ASIC / PPSR Searches via the portal
·
Billing on 30 day terms
Please contact us for more information: www.imcnewbury.com.au or 1300 665 240 (Toll free)
Please note: the interpretation of ‘transitional period’ has been tested over the past 12 months, with some insolvency practitioners ignoring invoices generated after 30 January 2012 if a valid PPSR registration is not in place.
To avoid uncertainty we recommend registering your interests now!
