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…
Click on the link below to read the rest of the King & Wood Mallesons briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Analysis from The Lawyer
Shanghai’s ground-breaking Pilot Free Trade Zone could mark the beginning of the long-awaited liberalisation of China’s legal services sector.
Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast