Following on from our previous article in relation to the enactment of the Personal Properties Securities Register on 30 January 2012, we remind our clients that if you or your business provide goods to customers in the course of your business, and you have previously relied on consignment/lease terms or ‘retention of title’ clauses to protect your interests, then it would be prudent to examine your present supply terms.
This examination should ensure that any PPSA issues which might arise are covered and that your interests are registered on the PPSA. If this is not undertaken, and a customer of yours is placed into receivership, then you may lose the benefit of the retention of the consignment/lease terms or ‘retention of title’ clauses, and you may be treated as an unsecured creditor.
If you need assistance in examining your current supply terms, or have any queries in relation to the PPSR please contact our office to have a chat with a friendly member of our team.
