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Personal Property Securities

Personal properties securities reform has significantly changed the way personal property is protected in Australia.  It has involved a huge learning curve for many practitioners across a wide range of legal practices.  This page contains information to assist practitioners in understanding the changes and avoiding the traps in the new requirements.

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

If you are unable to find the answer to your question, LPLC has a PPS hotline service for practitioners.


 

1 August 2017

PPSA claims and changes

What are you doing to avoid a Personal Property Securities Act claim? One of the first LPLC blogs was about the Personal Property Securities Act 2009 (Cth) (PPS Act) (November 2013) and the three little pigs. The message was that the three little pigs had three goes to get it right but practitioners had only […]

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7 December 2016

In Check Issue 73 | December 2016

Table of contentsCyber risk awareness for lawyers and clientsPPS – Raising awareness – how accurate is your registration?Termination of contract noticesA new GST checklistA new risk managerCommon GST questionBook now for our 2017 Risk Management SeminarsLaw Institute Journal articlesOffice closure over Christmas and New Year Cyber risk awareness for lawyers and clients We regularly hear […]

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31 March 2016

In Check Issue 70 | March 2016

Table of contentsCyber-crime – how alert are you?Common GST questionImportance of good working relationships within the professionReminder for RedCrest2016 Risk Management SeminarsCheck your contracts for deemed serviceNew look websiteLaw Institute Journal articles Cyber-crime – how alert are you? Lawyers and the legal profession are increasingly becoming targets of cyber-crime and while many law firms may not […]

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1 December 2015

In Check Issue 69 | December 2015

Table of contentsCount your days to the end of the year carefullyCommon GST queries about the farming business exemptionUpdated purchaser statementChanges to foreign investment framework2016 Risk Management SeminarsNew training video – The New NormalOffice closure over Christmas and New YearLaw Institute Journal articles Count your days to the end of the year carefully As the […]

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21 September 2015

In Check Issue 68 | September 2015

Table of contentsPower of attorney – new Act and formsNo simple willsLPLC Chairman retires and new Chairman announcedGST claims on the riseRegistrations now open |  View full program and register here Power of attorney – new Act and forms The changes to powers of attorney in Victoria are now here as the new Powers of […]

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11 September 2013

Land Leases and the PPS Act

Table of contents1.  Introduction2.  Personal PropertyBeware!3.  Acting for the landlordBeware!Beware!4.  Lease document5.  Acting for the tenant6.  The retainer 1.  Introduction Practitioners for both landlords and tenants need to understand that the Personal Property Securities Act 2009 (Cth) (PPS Act) may apply to the lease of premises because: Sometimes a landlord of premises also leases goods […]

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11 September 2013

Sale of Land and the PPS Act

Table of contents1.  Introduction2.  Personal Property3.  Acting for the vendorBeware!Beware!4.  Contract of sale of real estate5.  Acting for the purchaser6.  Retainer 1.  Introduction 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 […]

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11 September 2013

Sale of Business and the PPS Act

Table of contents1.  Introduction2.  Personal Property3.  Acting for the vendorBeware!Beware!4.  Acting for the purchaser5.  The retainer6.  Audit of agreements 1.  Introduction 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 […]

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20 March 2012

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

Updated July 2017 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. Table of contentsBackgroundKey conceptsSecurity interestSecured party and grantorAttachment […]

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18 August 2017

Confirm agent’s instructions with your client

Recently LPLC has received numerous claims where there was ineffective communication between the practitioner and their client after the practitioner had dealt primarily with the client’s agent on the matter. In one claim, the practitioner acted for a lender on instructions from a broker regarding a loan. The practitioner was instructed to register an interest […]

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5 May 2017

PPSA registrations and the need for perfection

When registering security interests on the Personal Property Securities Register (PPSR) the financing statement must be accurate and knowing when to use the ACN and the ABN is critical. Financing statements must list: ACN for corporations ABN for partnerships, trustees and body politics full name and date of birth for individuals even if they have […]

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13 June 2014

PPS Act key risk checklist

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 […]

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1 November 2013

PPS Act and the three little pigs

It took the three little pigs three goes to get it right. Practitioners on the other hand may have only one chance to get it right when it comes to making sure clients know about the end of the transition period under the Personal Property Securities Act 2009 (PPS Act). The PPS Act transition period […]

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2 April 2009

Personal Property Securities reform

The Senate Committee inquiring into the Exposure Draft of the Commonwealth Personal Property Securities Bill reported back on 19 March with the following recommendations: introduction of the Bill is to be deferred until at least May 2011; the language and structure of the Bill is to be simplified; further consultation with industry and the legal profession is required. The Bill aims […]

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11 June 2014

Key Risk Checklist: Personal Property Securities Act 2009 (Cwlth) practice management issues

Office management ☐  Develop an office policy on Personal Property Securities Act 2009 (Cwlth) (PPS Act) issues and distribute the policy to all staff. Some examples of matters to include in the policy are: allocating the searching of the personal property securities register (PPSR) and registrations to one person in the office and making sure […]

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26 September 2017

Small business big risk

Table of contentsIntroductionThe challengesThe most common mistakesPersonal Property SecurityLPLC Small Business ChecklistAppendix OneAppendix Two Introduction Since LPLC published the first edition of Small business – big risk there have been some changes in the legal landscape which are particularly relevant to transactions for the sale of small businesses including the introduction of: the Estate Agents (General, Accounts […]

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11 May 2017

Know your limits

Table of contentsIntroductionLessons from the claimsTime limits most commonly missedClaims examples Introduction With the proliferation of time limits in legislation today missing limitation dates is a mistake that occurs in many areas of the law. The reasons for missing time limits are varied as are the potential repercussions. Sometimes it is a lack of knowledge […]

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