PPS Act key risk checklist

13 June, 2014

LPLC has developed a new key risk checklist relating to managing and processing Personal Property Securities Act 2009 (Cwlth) (PPS Act) related risks. You can find the new checklist under the ‘Checklist’ section on the LPLC website.

Good risk management for practitioners includes having a well-managed and well-run business as well as managing the legal issues.

The new checklist was launched with great success on the recent LPLC Regional Risk Management Tour and has been developed based on enquiries by practitioners to the LPLC PPS Hotline. Click here for more information about the LPLC’s PPS Hotline.

The new PPS Act key risk checklist has four main sections which consider:

  1.  Office management, for example practitioners need to develop an office policy on the PPS Act.
  2. Processing, for example practitioners need to put in place a process to confirm a PPS Act clause is included where necessary in documents prepared by the firm.
  3. Searching, for example make sure you consider the need to search the Personal Property Securities Register on every file.
  4. Reporting, for example practitioners need to ensure they explain any PPS Act clause to their client.

The checklist also contains details about other related matters.

For more tips on how to avoid a claim by investing in good practice management see the LPLC column in the May 2014 Law Institute Journal.