Your Assets need Protection Now!
The Personal Properties and Securities Act (PPSR) 2009, has been in operation for just over two years now and we have found that small businesses are still unaware of the Act and do not appreciate the extent it impacts on their business. The introduction of the Act means it is no longer enough to simply include a “retention of title” clause in a contract or invoice as this will not be enough to establish ownership. The PPSR is simply a national database of security interests in personal property which includes cash, stock, artwork, motor vehicles, boats, plant and equipment. You can search the register to check if there is a security interest on something you want to buy or you can register a security interest which acts as a notice that someone owes you money on a particular piece of property. Searching the register is good practice when buying second hand goods. This will indicate if there is a security interest on the item you are looking to buy, if there is a security interest, the item could be repossessed. Any business selling on credit or hiring or leasing out equipment should register an interest in the goods they are selling/hiring/leasing. This will lessen the risk of losing goods if your customer goes into bankruptcy or liquidation. You can search the register for just $4.00 and you can do your own registration from $8.00 (take care one wrong answer and your goods will not be registered). For more information or assistance please contact Optima Partners .
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