Normans Alert

Personal Property Security Register Commences Operation on 30 January 2012

Amidst the numerous delays, implementation issues and now certain technical difficulties the Personal Property Securities Register (PPSR) commenced operation as of 30 January 2012.

Technical difficulties initially plagued the launch of the PPSR, including difficulties with search transaction functions. However, the PPS Registrar has announced that on the first day more than 2,500 new users registered on the PPSR, more than 25,000 verification statements were sent and 17,600 registrations were completed.

Below is a link to the PPSR:

http://www.ppsr.gov.au/Pages/ppsr.aspx

We therefore remind individuals and businesses that they now have the ability to register transitional and non transitional security interests.  Failure to register may result in:

• losing ownership of your property in any insolvency proceedings;
• your ownership of your property being defeated by a competing secured creditor who has registered its security interest in your goods.

If you have any questions regarding the PPSA or the PPSR please contact Tom Pledge on 8210 1262 or tpledge@normans.com.au and Tom Walrut on 8210 1218 or twalrut@normans.com.au.

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