Personal Properties… - Legal Practitioners' Liability Committee

Personal properties securities reform has significantly changed the way personal property is protected in Australia. This page contains information to assist practitioners in understanding the changes and avoiding the traps in the new requirements.

Articles
Alerts
Resources
Practice Risk Guides
Checklists
Videos
FAQs

Common PPS mistakes and how to avoid them

Personal Properties Securities, Personal Properties Securities 02 Mar 23

Errors in registering, searching or advising in relation to the personal property security register are a potential area of risk for clients and their practitioners.

Personal Property Securities Act 2009 (Cwlth) – background and key concepts

Personal Properties Securities, Personal Properties Securities, Professional Responsibility 11 Jul 17

The Personal Property Securities Act 2009 (Cwlth) (PPS Act) commenced on 30 January 2012. Since then LPLC has received claims every year for mistakes by practitioners in dealing with PPS Act issues.

This bulletin contains background information about the PPS Act and key concepts.

Originally published in March 2012 and updated July 2017.

Sale of Land and the PPS Act

Conveyancing, Leases, Mortgages, Personal Properties Securities, Mortgages, Personal Properties Securities 11 Sep 13

Practitioners for both vendors and purchasers need to understand that the Personal Property Securities Act 2009 (Cth) (PPS Act) may apply to a contract of sale of land because:

Sometimes a vendor selling land, also sells goods to the purchaser.
Sometimes a vendor selling land also transfers a licence to the purchaser.
The sale of land may be subject to a lease where the vendor may have received a cash security deposit from the tenant.
The sale of land may be subject to a lease where the vendor may have also leased goods to the tenant.

The LPLC recommends that practitioners consider the matters in this Alert when acting in relation to the sale of land.

Sale of Business and the PPS Act

Personal Properties Securities, Sale and Purchase of Business, Personal Properties Securities 11 Sep 13

The sale of a business often includes the sale of personal property such as equipment, stock in trade and motor vehicles. Practitioners for both vendors and purchasers need to understand what personal property is included in the sale and how the Personal Property Securities Act 2009 (Cth) (PPS Act) may impact on that sale. This Alert is not intended to be a comprehensive list of what to do in a sale of business, but to highlight issues in relation to the PPS Act.

Tax limitations

Conveyancing, Tax, GST, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Will Making, Powers of Attorney, Beneficiaries, Mortgages, Commercial 05 Jun 23

Time limits most commonly missed in relation to tax.

Bankruptcy limitations

Conveyancing, Tax, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Will Making, Beneficiaries, Mortgages, Personal Properties Securities, Solicitors Certificates, Personal Injury, Commercial 05 Jun 23

Time limits most commonly missed in relation to bankruptcy.

Contracts limitations

Conveyancing, Tax, GST, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Mortgages, Personal Properties Securities, Commercial 05 Jun 23

Time limits most commonly missed in relation to contracts.

Appeals limitations

Conveyancing, Tax, GST, Leases, Building and Construction, Personal Properties Securities, Sale and Purchase of Business, GST, Building and Construction, Property settlements, Estate Administration, Mortgages, Personal Properties Securities, Personal Injury, Commercial 05 Jun 23

Time limits most commonly missed in relation to appeals, a claim example and lessons learned.

Personal properties securities limitations

Conveyancing, Personal Properties Securities, Personal Properties Securities 05 Jun 23

Time limits most commonly missed in relation to personal properties securities, a claim example and lessons learned.

International contracts for the sale of goods limitations

Conveyancing, GST, Leases, Building and Construction, Personal Properties Securities, Sale and Purchase of Business, GST, Building and Construction, Personal Properties Securities 05 Jun 23

Time limits most commonly missed in relation to international contracts for the sale of goods.

Instruments limitations

Conveyancing, Tax, GST, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Mortgages, Personal Properties Securities, Commercial 05 Jun 23

Time limits most commonly missed in relation to instruments, a claim example and lesson learned.

Liquidator limitations

Conveyancing, Tax, GST, Leases, Building and Construction, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Personal Properties Securities 05 Jun 23

Time limits most commonly missed in relation to liquidation, a claim example and lessons learned.

Practice Risk Guides

Small business big risk

Personal Properties Securities, Sale and Purchase of Business, GST 17 Sep 18

The claims scenarios LPLC sees in relation to small business often arise from exuberant purchasers who have just signed up to buy their own business, full of hope and enthusiasm. They cannot wait to get into the business, want settlement in just a few days, and only need the practitioner to check the contract and make sure there are no major problems. The information in this LPLC Practice Risk Guide guide is designed to help practitioners recognise the trouble areas and manage your clients in a way that best protects the client’s interests and their own position.

Personal Properties Securities FAQ

Personal Properties Securities, Personal Properties Securities 06 Sep 16

Search for frequently asked questions relating to the Personal Property Securities Act 2009.

Personal Property Securities – practice management

Personal Properties Securities, Personal Properties Securities 11 Jun 14

LPLC has created this Key Risk Checklist for practitioners dealing with Personal Property Securities matters. It covers practice management basics that will help you develop your approach.

Practice Risk Guides

Small business big risk

Personal Properties Securities, Sale and Purchase of Business, GST 17 Sep 18

The claims scenarios LPLC sees in relation to small business often arise from exuberant purchasers who have just signed up to buy their own business, full of hope and enthusiasm. They cannot wait to get into the business, want settlement in just a few days, and only need the practitioner to check the contract and make sure there are no major problems. The information in this LPLC Practice Risk Guide guide is designed to help practitioners recognise the trouble areas and manage your clients in a way that best protects the client’s interests and their own position.

Tax limitations

Conveyancing, Tax, GST, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Will Making, Powers of Attorney, Beneficiaries, Mortgages, Commercial 05 Jun 23

Time limits most commonly missed in relation to tax.

Bankruptcy limitations

Conveyancing, Tax, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Will Making, Beneficiaries, Mortgages, Personal Properties Securities, Solicitors Certificates, Personal Injury, Commercial 05 Jun 23

Time limits most commonly missed in relation to bankruptcy.

Contracts limitations

Conveyancing, Tax, GST, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Mortgages, Personal Properties Securities, Commercial 05 Jun 23

Time limits most commonly missed in relation to contracts.

Appeals limitations

Conveyancing, Tax, GST, Leases, Building and Construction, Personal Properties Securities, Sale and Purchase of Business, GST, Building and Construction, Property settlements, Estate Administration, Mortgages, Personal Properties Securities, Personal Injury, Commercial 05 Jun 23

Time limits most commonly missed in relation to appeals, a claim example and lessons learned.

Personal properties securities limitations

Conveyancing, Personal Properties Securities, Personal Properties Securities 05 Jun 23

Time limits most commonly missed in relation to personal properties securities, a claim example and lessons learned.

International contracts for the sale of goods limitations

Conveyancing, GST, Leases, Building and Construction, Personal Properties Securities, Sale and Purchase of Business, GST, Building and Construction, Personal Properties Securities 05 Jun 23

Time limits most commonly missed in relation to international contracts for the sale of goods.

Instruments limitations

Conveyancing, Tax, GST, Leases, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Mortgages, Personal Properties Securities, Commercial 05 Jun 23

Time limits most commonly missed in relation to instruments, a claim example and lesson learned.

Liquidator limitations

Conveyancing, Tax, GST, Leases, Building and Construction, Personal Properties Securities, Sale and Purchase of Business, Building and Construction, Personal Properties Securities 05 Jun 23

Time limits most commonly missed in relation to liquidation, a claim example and lessons learned.

Personal Property Securities – practice management

Personal Properties Securities, Personal Properties Securities 11 Jun 14

LPLC has created this Key Risk Checklist for practitioners dealing with Personal Property Securities matters. It covers practice management basics that will help you develop your approach.

Secure your securities - Miranda Milne, Nick Anson - 2016 RMI

Personal Properties Securities, Personal Properties Securities 26 Oct 16

This video-recorded session from the LPLC Risk Management Intensive seminar series in 2016 looked at the personal property securities regime and the claims arising from it and highlighted how to protect against these claims particularly where the market is low.

PPS Predicaments

Personal Properties Securities, Personal Properties Securities 18 Nov 15

Common issues and questions facing practitioners. Presented by Phil Nolan.

Personal Properties Securities FAQ

Personal Properties Securities, Personal Properties Securities 06 Sep 16

Search for frequently asked questions relating to the Personal Property Securities Act 2009.

Get risk advice on Commercial work

+61 3 9672 3800 lplc@lplc.com.au