Personal Property Securities Register

The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched.

Transitional arrangements have been in place for the last two years since commencement of the PPSR on 30 January 2012. The transitional provisions were designed to assist with the changeover and provide protection for security interests that existed prior to the commencement of the PPSR.

The transitional arrangements for the PPSR expired on 31 January 2014.

Suppliers of personal property who failed to register their security interest during the transition period may lose their priority in the event of their customer’s insolvency. From 1 February 2014, security interests ‘perfected’ on the PPSR will take priority over all unregistered interests, including non-registered transitional security interests.

Commercial arrangements that may be deemed transitional security interests and eligible for registration on the PPSR include:

• Leases/hiring agreements
• Retention of title supplies
• Commercial consignments.

Should the security interest have been migrated to the PPS register, then the registration details need to be reviewed to identify and correct any errors. Should a customer become insolvent, accuracy of the registration will be important to ensure there will be no issues with enforcement.

For further information and to access a range of tailored fact sheets visit AFSF (formerly known as ITSA) or contact Surry Partners on 02 9318 6400