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CITEC Confirm PPSRYour Personal Property Securities Register (PPSR) solution

On 30 January 2012, all personal property security interests in Australia transitioned to a single national register: the Personal Property Securities Register (PPSR). The PPSR replaced multiple Commonwealth, State and Territory registers.

PPSR updates and new information.

PPSR Frequently asked questions. (PDF 172kb)

Our PPSR solution provides you with:

  • access to the PPSR as well as more than 500 other searches
  • the ability to register, amend and cancel security interests online 24/7
  • the ability to search the register for security interests that exist over an item of personal property
  • our eLearning centre which provides market leading learning tools to ensure your business benefits from using our PPSR solution
  • 24/7 customer service.

Benefits of PPSR:

  • improved management of customers
  • insolvency protection for purchasers and suppliers
  • more efficient enforcements
  • simplify fragmented legislation into one national framework
  • reduce litigation.

Table of contents

Do you currently register security interests in goods or financial property?

Individuals and companies that engage in the following activities need to be aware of their new compliance obligations when registering security interests:

  • taking fixed and floating charges (ASIC)
  • bills of sale
  • chattel mortgages leasing of goods
  • rental of goods
  • bailment of goods
  • Retention of Title clauses

To protect goods or financial property, individuals and companies need to create Secured Party Groups to register interests.

Have you considered all the information you require for correctly registering an interest on PPSR?

The information required to register interests with PPSR is considerably different to that which you currently use to register with Commonwealth, State and Territory authorities. To ensure your interests obtain the correct level of priority you will need to:

  • perform the appropriate background checks to identify the correct legal entity and collateral identifiers (e.g. Serial Numbers)
  • identify the collateral class of the goods (24 collateral classes under PPSA).
  • indicate the type of security interest. For example, if you are retaining the title of the supplied good, you will need to create a Purchase Money Security Interest (PMSI) which must be registered before the goods are supplied.
  • ensure the financing statement is completed correctly. Failure to do so exposes the secured party to the risk that the registration will be ineffective.
  • be able to produce appropriate supporting documentation to the security interest e.g. signed agreement on request.

Do you rent or lease equipment to individuals or businesses?

To protect goods under a leasing or bailment arrangement, owners can record their interests on PPSR. If your agreement with your customer is considered a PPS Lease and you choose not to register on PPSR then on insolvency of your customer you could lose your goods.

A PPS Lease means a lease or bailment of goods for a period of more than one year regardless of the term defined on the lease paperwork. The PPSA describes it as:

(a) for a term of more than one year; or

(b) for an indefinite term (even if the lease or bailment is determinable by any party within a year of entering into the lease or bailment); or

(c) for a term of up to one year that is automatically renewable, or that is renewable at the option of one of the parties, for one or more terms if the total of all the terms might exceed one year.

If goods are ‘serial numbered goods’ a PPS Lease comes into effect with a total lease term of only 90 days.

Do you currently perform background checks prior to registering security interests in some form of personal property?

Searching the PPSR via CITEC Confirm will enable you to determine if there is already a security interest over an item of personal property.

Retention of Title on goods has the highest ranking security interest in goods, regarded by PPSA as a PMSI.

Are you planning to purchase or invest in personal property (other than land) such as car, aircraft, intellectual property, crops or livestock?

Buyers need to make sure that the personal property they are buying does not have a security interest over it. For example, if you buy a car that still has money owing on it, the car could be repossessed by the creditor if that debt is not paid.

Buyers will be able to search CITEC Confirm’s easy-to-use PPSR to determine if any security interests exist over personal property in question.