The Personal Property Securities Register (PPSR) statistics for the June quarter 2014 have been released by AFSA, which showed the highest number of searches conducted on the PPSR in a quarter since the PPSR commenced operations in 2012.
There were 1 834 654 searches conducted on the PPSR in the June quarter 2014, an increase of 16.7% of searches compared to the June quarter 2013, when there were 1 572 768 searches.
In Summary:
- There were 8 231 281 registrations on the PPSR as at 30 June 2014
- 53% of all searches on the PPSR were based upon a serial number
- There were 523 008 new registrations listed on the PPSR in the June quarter 2014
- Motor vehicles are the most common collateral class listed on registrations on the PPSR. As at 30 June 2014, there were 4 219 291 current registrations on the PPSR of this class
- Commercial property is the most common kind of collateral. As at 30 June 2014, there were 5 524 525 current registrations on the PPSR of this kind
Why you should ensure your assets are properly registered on the PPSR
It is important for businesses to manage their credit risk by ensuring they register their security interests for any goods they supply or lease on the PPSR. If you do not properly register your security interest and a debtor is placed into liquidation or bankruptcy, your position will be similar to that of an unsecured creditor, who rank behind secured creditors when payments are made or assets distributed.
If you would like more advice on how SV Partners can assist you with registering your security interests or any advice on PPSR matters, please contact one of our expert advisors on 1800 246 801.