The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched.

Transitional arrangements have been in place for the last two years. The transitional arrangements for the PPSR expired on 31 January 2014. Suppliers of personal property who failed to register their security interest during the transition period may lose their priority in the event of their customer’s insolvency.

Commercial arrangements that may be deemed transitional security interests and eligible for registration on the PPSR include:

• Leases/hiring agreements
• Retention of title supplies
• Commercial consignments

Should the security interest have been migrated to the PPS register, then the registration details need to be reviewed to identify and correct any errors. Should a customer become insolvent, accuracy of the registration will be important to ensure there will be no issues with enforcement.

For further information and to access a range of tailored fact sheets visit AFSF (formerly known as ITSA) or speak to your Chartered Accountant.