Need help checking the credit status of an individual or business you would like to trade with?
Or maybe you have property in someone else’s possession? Perhaps your motor vehicle, plant equipment or boat? If so, you should consider registering your interest right away — or you risk losing your property!
At Mountains Lawyers Legal Solutions, we provide assistance to help you with all matters pertaining to the Commonwealth Personal Property Securities Register (PPSR), the online database of all personal property that are subject to a secured interest. We help you with your registration so you can protect your personal or commercial property in case the individuals and businesses you trade with are unable to meet their financial obligations.
Failing to register can be a costly mistake!
You could easily lose some or all of your property without much warning because if you haven’t registered your interest and someone you are trading with cannot meet their financial obligations, you could be barred from making any claim over a secured interest in the specific property.
Can you imagine the pain of being forced to join the list of other unsecured creditors with no guarantee that you would receive anything to cover the debt? After all, the Personal Property Securities Act 2009 works in the favour of the registered parties’ rights — they get priority over you.
Would your business survive this? Even if it could, you still have to protect what’s yours.
And as this is a complex situation to deal with, it makes sense, then, to work with a lawyer to protect your business. This applies to you if you supply goods on conditional sale or lease, or if you have plans to buy valuable personal property in Australia.
Property in case the individuals and businesses you trade with are unable to meet their financial obligations.
How Mountains Lawyers Legal Solutions would help you
The Act governs the Register and your interest can only be secured and protected when the property has been placed on it. Property could be stock, plant equipment, motor vehicle, boat or other property collateral to a secured loan or is subject to a retention-of-title clause.
So the Register provides a simple, transparent system where all secured interests can be easily identified.
MLLS will assist you:
- identify any of your existing security interests that we should register on the PPSR
- update your terms and conditions and contracts
- put in place some procedures so you never forget to secure your interest in new properties
- search for other specific property on your behalf to see if it’s already subject to a secured interest
- search the credit status of those you plan to trade with.
Call Mountains Lawyers Legal Solutions on 9592 7326 today to start reviewing your list of properties so we can protect your business before it’s too late!