The Personal Property Securities Act 2009 (more commonly known as the PPSA) came into effect on 30 January 2012. Since that time it has greatly changed how people and businesses protect their interests in personal property. No longer is it sufficient to simply rely on a ‘retention of title clause’. Instead, you will generally need to register your interest on the Personal Property Securities Register (commonly known as the PPSR).
A further impact of the PPSA is that parties to a sale of assets (for example, businesses, and personal property) will need to conduct searches of the PPSR and have any registrations over the sale assets removed.
We have prepared our Personal Property Securities Act 2009 guide to provide you with an overview and general guidance in relation to the PPSA. If there are any aspects of this guide which require further or more detailed explanation please contact us to discuss your specific circumstances. Please refer to the attached guide for more information. PPSA Booklet v2