Personal Property Securities -
Will you be ready?
The Personal Property Securities Act (the Act) provides for security interests (such fixed and floating charges and interests registered against motor vehicles) to remain in place and enforceable, for a transitional period of about 24 months from the date that the register commences.
For the security interest to get this benefit it must have been enforceable prior to the implementation of the Act. After the expiry of this transitional period, any security interest you had will lose any priority if the security interest has not been registered on the new register.
New interests must be registered under the new register.
Although the transitional period provides some protection, we recommend that you do not wait until the end of the transitional period. There are a number of crucial dates and actions needed to be taken. Therefore, you should act now to protect your business.
We anticipate that the register will be flooded with 'last minute’ actions.
Don’t get caught up in the rush, act now.
Watkins Tapsell will be holding a series of seminars in 2011 for those who wish to ensure that they are compliant and protected by the Personal Property Securities Act. If you haven’t already registered your interest in our seminars, click here to receive further information.
For further information, please contact:
Carli D'Aprile - Solicitor
(02) 9545 7253
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