About the Personal Property Securities Register (PPSR):
The Personal Property Securities Register (PPSR) is an official government register that records information about security interests in personal property – cars, boats, company assets, intellectual property, used goods, in Australia. This is managed by the Registrar of Personal Property Securities who makes sure that the PPSR is managed responsibly and made available with reliable information.
What is the Personal Property Securities Act?
The Personal Property Securities Act 2009 (Cth) (PPS Act) is the legislation that governs and sets out the rules for the creation of security interests, the requirements for the perfection of those interests, and the procedures for enforcing those interests in Australia.
When is the PPSR available?
The PPSR is available online 24/7 for registrations and searches, except during:
- routine maintenance – 9pm to 11.59pm EST every Wednesday
- unscheduled outages / technical issues
- scheduled outages
How to Register on the PPSR?
You can easily log in and register the unique identifying number of your property, but it is important to do this as soon as possible as a security interest will not be enforced unless perfected. When enforcing your interests against a another company, section 588FL of the Corporations Act provides a number of circumstances where the PPSR will not be upheld, including 6 months before;
- a company enters a deed of company arrangement
- is ordered by the Courts to be wound up
- a resolution is passed for the company to be wound up
- an administrator is appointed
Importance of PPSR for companies:
The PPSR and PPSA are particularly important for companies in Australia because they provide a secure and reliable way to manage their assets and protect their interests, with the respective ownership and statuses of these assets.
Companies that finance the purchase of personal property or that provide finance to their customers by taking a security interest in their assets can use the PPSR to record their security interests and ensure that they are protected. By registering their security interests on the PPSR, they can be assured that their interests are recognised and protected by law.
The PPSR and PPSA also help companies to manage their risks and make informed decisions. By searching the PPSR, companies can obtain information about the ownership and status of personal property, which can help them to make informed decisions about their assets. This can help companies to identify potential risks, such as the risk of another party having a security interest in the same assets, and take steps to manage those risks.
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