PPSA: the importance of registering on time
Principals and contractors need to be aware that in not registering security interests under the Personal Property Securities Act 2009 (Cth) (PPSA) or failing to register them in time, they may risk serious, costly and inconvenient consequences. Such consequences can be the loss of priority against other secured parties, a third party (such as a purchaser) taking property free of the security interest, loss of the security interest altogether in the event of insolvency of the grantor and loss of super priority that is available for certain interests. Registering security interests on the Personal Property Securities Register (PPSR) takes little time and cost and it is worth considering doing so.
Security interests can arise from a variety of arrangements or provisions commonly contained in construction contracts and supply contracts.
Common examples of security interests that may arise under construction contracts and supply contracts include the following…
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