Your business could be at risk if you haven't checked out a customer's credit history.
But it could be at further risk if your business is not registering (or checking for) security interests on the Personal Property Securities Register (PPSR).
The PPSR replaced the security registers previously in use
namely the Motor Vehicle Register, Companies Charges Register, the Industrial and Provident Societies Register (all held at the Companies Office) and the Chattels Register (High Court).
The PPSR is the establishment of a centralised, searchable, electronic register for the registration of any security interest or agreement relating to personal property (excluding land and ships over 24 metres in length).
The register is a form or an electronic 'notice board' where secured parties can record specific details about security interests in personal property. All registrations are filed in an electronic format. The register files financing statements not agreements.
Why would I want to search the register?
With Veda, you are able to register or check any security interest relating to personal property, (excluding land) in one easy step. With our dedicated direct link to the PPSR you can access all your information from one site.
- Identify a security registered in an individual's own name
- Lenders can search the register to determine if an individual or company has a registered security against them
- Search the PPSR to determine if there is a security interest over the item of personal property that is being purchased or has been offered up as collateral
Register and maintain Financing Statements
The PPSR allows you to:
- Access all your information from one site, saving you time in processing and administration
- Outsource the administration function, reducing your cost and resource requirements
- Reduce data entry time and avoid keying errors, because debtor and organisational details are pre-populated and validated
- Reduce web sign-on requirements
- Consolidate billing through one supplier
- Eliminate the need to develop and support new partner interfaces
- Increase data accuracy through address validation before registering a security.
How does it work?
The search capabilities allow you to search on security interests by:
- Debtor Person
- Debtor Organisation
- Financing Statement
- Motor Vehicle
As a PPSR subscriber, you can also:
- Register a Financing Statement
- Renew a Financing Statement
- Amend a Financing Statement
- Discharge a Finance Statement
- List Financing Statements with the debtor name
- As well as some administrator functions
What else should I know?
Anyone can search the PPSR but only a Subscriber to the PPSR service can register a Financing Statement and use the maintenance functions.