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The Personal Property Securities Register (PPS Register) is a new system for lenders, suppliers of some goods, hirers of equipment and others to record and protect the interests they have in assets that are physically held by someone else (like a borrower, purchaser or hirer of goods).
The PPS Register can be hard to understand (even for lawyers) but if your organisation has any valuable equipment (like computer equipment, vehicles, or medical equipment) it is very important to protect that property on the PPS Register.
The Personal Property Securities Act (PPS Act) came into effect on 30 January 2012, and replaced a number of State and Commonwealth registers (such as the ASIC register of charges over assets of companies and State-based registers of finance owing on cars). There is now just one register for the whole of Australia.
The PPS Act and the PPS Register are complex, and even lawyers can struggle to understand their impact. This information sheet is designed to help you understand the basics about the PPS Register, and steps your organisation may need to take to ensure its interests are properly registered and protected. You should seek expert advice in this specialist area if required.
The following fact sheet explains the new PPS Register, and why it is important for community groups to understand how it works. It includes information about:
- how the PPS Register works and why it is important to understand it
- situations where someone can register an interest in your assets, and how to manage this, and
- common examples where organisations should be registering their property.