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The PPSR (Personal Property Security Registration) system is the Government of Australia’s official register of security interest in personal property. These interests are primarily debts and other obligations having lien on personal property. The general public can access this online noticeboard round-the-clock and if necessary, get a PPSR Certificate related to a specific property. The PPSR was started on 30th Jan 2012 and substituted many state-based registers. These included the REVS and other vehicle registers, the ASIC Register of Company Charges, and others to form one national register.
By registering a security interest on the PPSR, you are establishing your claim and letting everybody know that you have a security interest over certain personal property which will be reflected through a PPSR Certificate. Personal property denotes cars, company assets, boats, cars, used goods, and intellectual property but does not include land or fixtures. You can obtain a PPSR Certificate to know if anybody has registered a security interest over personal property before buying it or lending money against it.Millions of searches take place in Australia every year on the PPSR.
How can the PPSR protect your business ?
Getting the PPSR Certificate and obtaining insights into personal property will help you in making considered decisions before investing in it. You can check whether the valuable goods or property you want to buy are free from debt and do not have lien so that you can have clear title without encumbrances later without the fear of repossession. Further, it is in your interest to properly register on the PPSR when you are selling on retention of title terms or consignment and even when you are hiring or leasing out goods. In case your customer goes out of business, you can prove your rights over personal property through a PPSR Certificate.
Who oversees the functioning of the PPSR ?
The functioning of the PPSR is managed and controlled by the Registrar of Personal Properties Securities who is appointed by the Attorney General’s Department. The Attorney-General is responsible for the PPS Act. The office of the Registrar is located in the Commonwealth government department known as the Australian Financial Security Authority (AFSA) which is an executive agency in the portfolio of the Attorney General.
It is the job of the Registrar to ensure that the PPSR is optimally managed and a PPSR Certificate is not only easily available but contains information that can be depended upon. The Registrar follows multiple approaches to make this happen like deciding what can be registered on the PPSR, when the PPSR should be available and looking into any misuse of the PPSR. The Registrar can, if necessary, delegate these powers to others.
The day-to-day operations of the PPSR are also supported by the AFSA Service Centre. If you are unable to get a PPSR Certificate online, they will give you information over the phone but at a higher cost.
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