Personal Property Securities Register – Protect Your Business
The Personal Properties Security Register (PPSR) is a national online register of secured interests in property. You can protect your business by using this helpful service.
The PPSR offers buyers the opportunity to check whether vehicles or other property are being used as security for an existing loan.
Checking this before buying means you can establish if the goods you want to buy are free from debt or possible repossession, and therefore make an informed decision about purchasing things like vehicles, equipment or other property.
You can also do a search on an organisation to see if there are security interests against its assets, a valuable tool before lending money or doing business with the organisation.
There are small fees for searching and registering, but it’s well worth it to protect your financial interests.
Who Can Register on the PPSR?
If you have security interests and rights over property, you can register your interest at the PPSR. This means that you can potentially repossess the property if your customer defaults on payment. It is a legal declaration of interest in goods you have supplied on credit to an individual or another business.
When a business or individual has a registered interest in any assets or properties, it will then have recognised rights over that property in the event of the lessee going into liquidation or disputing payment.
If you’d like to understand the value of registering interests over property, talk to us today. A retention of title clause in a contract may not protect you on its own. Back up your contracts with customers and lessees by registering with the PPSR for extra protection of your rights over property.
If you’re buying, search the PPSR for assurance that the property is clear of any registered security interest before purchasing.