Warning bell sounded by a partner of one of Australia’s leading advisory firms - Professional advisers are exposed to negligence claims if they fail to advise their clients to register their security interests. This article examines this claim and makes some suggestions on what professional advisers need to do to properly protect their clients’ personal assets, before it’s too late!
Protecting inter-company & personal loan arrangments under the PPSA
20 April 2015
Inter-company and personal loans to trading entities need to be properly documented and the security arrangements need to be registered on the PPSR- otherwise the lenders may well end up as and unsecured creditor in the event of the borrower becoming insolvent or going into liquidation. This article answers 6 questions that you should consider if you or a family member or a company in your group lends money to a another entity in your group.
Why you need to register your security deposits & landlord’s chattels
20 January 2015
The attached article explains why security deposits paid by tenants under commercial leases and landlord’s chattels and other personal property need to be registered on the PPS Register and explains how to go about such registration.
A recent Victorian Court of Appeal decision has important consequences for Landlords of commercial leases, for property owners who enter into building contracts and for a range of other commercial conditional arrangements where monies are held in a trust account pending completion of specified obligations under a contract. The attached article explains the implications of this decision for Landlords.
Why businesses need to urgently start registering their security interests
24 September 2013
The Personal Property Securities Act 2009 (Cth)(PPSA) has changed the landscape of how businesses should go about protecting some of their key assets. Read these 6 reasons why businesses need to secure their business interests.
Landmark Australian Court case sends warning to the Hire and Rental Industry and their financiers
9 July 2013
If your business is hiring out equipment to customers, you must register against each of your customers on the new Personal Property Securities Register or you could lose your ownership rights if your customer is insolvent or faces financial problems.
A brief explanation of some key terms for the hire and rental industry
This factsheet contains a brief explanation of some of the key terms that are used in the Personal Property Securities Act 2009 (Cth) (“the PPSA”) for those that are involved in the hire and rental industry.
If you are in business and you are wondering whether the Personal Property Securities Act 2009 (Cth) (“PPSA”) applies to you and, if so, what you need to do next, here are some questions you may wish to consider:
We have provided a brief explanation of the legal issues behind each of the 20 tips that we have suggested. We have particularly focused on providing information about practical issues such as how to complete a financing statement, timing issues under the PPSA and the need to bring trading and hire terms up to-date.
How does the Personal Property Securities Act (2009) (Cth) affect business?
The Personal Property Securities Act 2009 (PPSA) became operational on 30 January 2012. The Act has brought about the most fundamental change in corporate law in Australia since the introduction of the Uniform Companies Acts in the early 1960s that superseded the existing State based Companies Acts.
The Personal Properties Securities Act 2009 (Cth) (“PPSA”) became operational on 30 January 2012. On 5 July 2012 the Federal Court handed down its decision in one of the first cases under the new legislation. The case involved the collapse of the Hastie Group of companies”
Protecting the core assets of your Business- Dealing with inter company arrangements under the PPSA
With the introduction of the Personal Property Securities Act 2009 (Cth) (“PPSA”) in late January this year, many businesses have been focusing on protecting their security interests in their dealings with their customers when supplying goods on a retention of title basis, on consignment or under certain hire or lease arrangements.