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Personal Property Securities Register (Australia)

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Personal Property Securities Register (Australia)
Agency overview
JurisdictionAustralia
Parent agencyAustralian Financial Security Authority
Websiteppsr.gov.au

The Personal Property Securities Register (PPSR) is the national register for security interests in personal property in Australia.

It is an online noticeboard where people:

  • register their security interest in personal property
  • search for registered security interests.

The Australian Financial Security Authority (AFSA) is the Australian Government agency responsible for administering the PPSR.

The PPSR is established by the Personal Property Securities Act 2009 (Cth).[1]

History[edit]

In April 2007, the Council of Australian Governments (COAG) agreed in principle to establish a single national personal property security system[2]. The Australian Government announced the establishment of the PPSR in the 2007-08 Budget[3]. The PPSR become operational on 30 January 2012.

Before this, Australia had a decentralised personal property securities system. The system was based on approximately 70 pieces of state, territory and federal legislation. Around 40 state, territory and federal registers held information on secured personal property.

Almost 5 million registrations migrated from the existing registers, including:

  • the Australian Securities and Investments Commission (ASIC) Register of Company Charges
  • the Australian Register of Ships
  • the Fisheries Register
  • state and territory bills of sale registers
  • state and territory registers of encumbered vehicles.

Registering on the PPSR[edit]

A person who registers their security interest on the PPSR is called the ‘secured party’ (usually financiers, banks and other lenders).

A PPSR registration is a notice, showing that a secured party has rights over property which secures repayment of a debt or an obligation.

Registration of security interests can protect secured parties against their customer’s insolvency and preserves their priority position against other creditors, lenders or suppliers.

Searching the PPSR[edit]

A person may search the PPSR for registered security interests. They can check for security interests registered against a particular organisation, individual or certain serial numbered personal property.

The most common reasons for searching are:

  • a buyer searching before they buy or lease personal property to check if it has finance owing on it
  • a business or creditor searching a potential customer as part of their due diligence process
  • a liquidator or bankruptcy trustee searching for existing security interests

For motor vehicle searches, the PPSR may return other information from the National Exchange of Vehicle and Driver Information System (NEVDIS), a national database of vehicles in Australia. Information may include the vehicle’s description, registration (i.e. number plate) information, and stolen and written off status.

The Australian Financial Security Authority[edit]

The Australian Financial Security Authority (AFSA) administers the PPSR.

AFSA is responsible for providing information about the PPSR; ensuring registrations held on the PPSR are current and accurate; and ensuring the PPSR is not misused

AFSA is also responsible for the application of bankruptcy laws in Australia.

See also[edit]

Personal Property Securities Register (New Zealand)

References[edit]

  1. "Personal Property Securities Act 2009 (Cth)".
  2. "Personal Property Securities Reform, Attorney-General's Department" (PDF).
  3. "Budget Paper No. 2, Budget Measures 2007-08".

External links[edit]

  • [1] Official Australian Government site for PPSR
  • [2] Official site of AFSA


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