Want to rank with the banks when standing in line to collect payment from a debtor who has gone into liquidation? The PPSR may help you.
The Personal Property Securities Register (PPSR) is the register where security interests over personal property may be registered and can be searched.
The PPSR was created as a result of the Personal Property Securities Act 1999 coming into force on 1 May 2002 and it replaced a number of existing registers including the Chattels Register, Motor Vehicle Securities Register, and the Register of Company Charges.
Why use the PPSR?
Registering your security interest on the PPSR may give you a better chance of recovering a debt if your debtor defaults, at least in the commercial space.