Know Your Rights to Keep Your Property Secured - PPSR Transitional Period ends 31 January 2014
If you use a "Retention of Title" clause, hire equipment to others, or buy and sell used goods then YOU MUST WATCH this video. It's less than 2 minutes long and may save you thousands:
From 30 January 2012 the Personal Properties Security Act ("PPSA") established a new system for registering the creation, priority, and enforcement of security interests in personal property. Personal Property is generally ALL property other than land, fixtures, and some other statutory interests. Personal Property includes the goods you sell or supply through your business.
The transition period of grace for registering security interests that existed as at 30 January 2012 is about to expire.
This means all those transitional security arrangements may no longer be enforceable and you may be at risk.
Examples of commercial arrangements that may attach transitional security interests are: