[ Commercial Law ]
The new security regime took effect from 30 January 2012 and everyone should understand that the changes may affect them.
The new legislation can impact your business in a number of ways. For example, if you’re a supplier of goods using a retention of title (Romalpa) clause to protect your business, you must be aware of the effect of the PPSA or you risk losing your rights. Your terms of trade will no longer protect you.
Instead, the PPSA introduces the Personal Property Securities Register – a ‘one-stop shop’ register for all personal property, including anything from cars, planes or boats to intellectual property and artwork. Registering on the PPSR is now the only way to protect your interest against other creditors.
If you are concerned about the impact of the PPSA on your business, contact our Hayley Hunter today on 9890 3321 to find out how we can help.
Written by Hayley Hunter