In the business and commercial world, debts or other obligations can be secured by personal property. In this type of agreement, borrowers grant lenders legal rights to their personal properties. When a debtor defaults, the lender, through a security interest, can repossess all or part of the borrower’s property. Security interests arise when there is a financial transaction or an exchange of movable goods.
Most property buyers or money lenders rely on personal property securities registers, to determine if someone has already registered a security interest over personal property. Failure to search can result in a dispute, especially where two or more parties may have registered their interest in the same property.
In Australia, the Personal Properties Securities Register (PPSR) is in charge of providing a platform where individuals or companies can register and search security interests in personal property. Security interests are issued in personal properties such as motor vehicles, intellectual property licenses, company assets, boats, furniture, goods, stock, receivables, machinery, equipment, and other rights under contracts.
Security interests are protected under the Personal Property Securities Act 2009 (PPS Act). The PPS Act contains the rules, regulations, or laws on how registrations and searches are made. This act covers most tangible and intangible assets, except for land, fixtures, buildings, fit-outs, liquor licences, water rights, and certain statutory licences.
Security interest covered by the PPS Act:
Romalpa clauses (retention of title clauses)
Fixed or floating charges
Chattel mortgages (CM)
Hire purchase agreements
Certain leases of goods
You should act immediately and protect your security interest on personal property. You will need to assess your business and identify the necessary registrations you need to make to preserve your ownership interest in your asset. I can help you with all matter that relates to any personal property security legislation, including perfecting” your security interest.
Part of my work when it comes to legal advice in personal property securities is to help my clients understand the provisions of the Personal Property Securities Act and how it may impact your business operations. I have helped many of my clients evade some of the legal traps in the PPS Act during registration. In the end, they successfully managed to describe the collateral, and allocate the interest under the right category.
Companies that fail to register their security interests over certain assets they believe they own can easily lose them due to the insolvency of the other parties. It is also important to know that perfecting your security interest gives you the power to override the unperfected ones. Being the first to register your personal property securities gives you priority.
Disputes related to Personal Properties Securities and Asset Protection arise due to:
Failure to register personal properties securities
Breach of contract by the grantor
Inaccurate registration information
A claim of collateral by competing creditors
Customer Insolvency or bankruptcy leading to liquidation
Failure to comply with the PPS laws and priority rules
Customer mixes up or comingles goods sold
Having helped many clients in resolving disputes concerning whose interest should take priority under the Personal Property Securities Act, I can be of great service when it comes to enforcing your rights against third parties. I am experienced at assisting secured parties to register their interests and review or amend their terms and conditions of trade to reflect the requirements of the PPS laws.
Would you like to discuss with an attorney? Then what are you waiting for?
On the other hand, most business owners rely on Asset Protection to secure the inheritances, wealth, and assets they may have accumulated in their lifetime against creditors and lawsuits. Sometimes the dispute may be due to a relationship or partnership breakdown.
In such a case, you will need legal help to protect your interests and come up with a legitimate asset protection strategy that applies to your unique situation. When I am involved in a case, I examine the situation carefully and give advice on a suitable structure or plan to use. Most of these strategies may release you from having an interest in the property in question.
Common asset protection strategies and structures:
Binding Financial Agreements
I leverage my experience in-depth knowledge and experience in asset protection, taxation, and trust law to ensure that my clients maintain control over their wealth and assets. I am in the position of providing advice, guidance, and assistance in developing innovative asset protection strategies that reflect your needs and that of your business.
Contact me for advice, guidance, and assistance in:
Personal Property Securities Act 2009
The perfection of security interests
Compliance with the PPS laws
Legal enforcement action
Drafting legally enforceable terms and conditions of trade
New developments in the PPS Act
Binding Financial Agreements
Please contact me for more information or assistance on Personal Properties Securities and asset protection.
We Will Assist You In Any Issue And Conflict
Completely impact synergistic mind share whereas premium services. Phosfluo rescently develop cross-media mind share rather than leveraged quality vectors.