Probate Will Lawyers Australia & Beyond, Probate Wills & Clients = Asset & Property Protection.

Probate ,Wills ,Trusts and Asset Protection

REGISTER , PROTECT  MONEY ,PROPERTY IN COMPANIES/BUSINESSES - Protect Personal Funds Invested/Loaned to Business in Australia

 If you or your family lend money to a Business/Company in Australia or use your own money to buy assets and plant and machinery for instance ;you should be registering these interests under Federal PPSR Legislation....if the business encounters insolvency problems this PPSR Registration will protect your money and family assets..................

 To See a Presentation on PPSR and how it works please see :

http://www.slideshare.net/atees/wwwppsrgovau

The Personal Property Securities Act (PPSA) came into effect on 30 January 2012. The legislation introduced a national online Personal Property Securities Register.

Equipment leased prior to 30 January 2012 is protected under transitional rules that apply for 2 years. These arrangements should be registered by 30 January 2014 in order to maintain protection.

All new equipment leased to an operating business entity should be registered within 15 business days of the operating entity taking possession of the equipment. Security interests that are not registered within this timeframe are still validly created however will receive a lower priority than those registered within it.   If these circumstances apply to your business, please contact Alex Tees Tel 02 9281 3230/0409813622

The Personal Property Securities Act 2009 (PPSA), which was introduced on 30 January 2012, has changed the way assets are protected or secured, and in turn, has impacted many businesses owners and particular corporate structures.

The PPSA established a national register, which records all security interests in personal property – including business assets. It replaced a number of state and territory registers for items such as motor vehicles, plants and equipment and intellectual property; and includes many arrangements not previously considered as security interests, such as retention of title agreements, leases and other arrangements where the party that owns the property no longer possess it.

In particular, the introduction of the new Personal Property Securities Register (PPSR) indicates that existing asset protecting business structures may no longer be sufficient to secure personal property assets1
 
A typical asset protecting arrangement includes a corporate structure where the assets (such as plants or equipment) of a business are held by a ‘holding entity’, whereas the ‘trading entity’ operates the business.
 
Previously, this arrangement was sufficient for asset protection, as it minimised a company’s direct asset exposure. . However, under the PPSA a business owner must register their assets on the PPSR to secure the personal property. The holding company must register against the trading entity prior to any insolvency incurred by the trading entity, for the holding company’s assets to be adequately protected.
 
If the holding company fails to make this registration, the assets may become available to a liquidator in the event of the trading entity’s insolvency. The fact that the holding entity is the legal owner of the assets is now irrelevant if the security interest isn’t recorded on the PPSR.
 
If you are a business owner trading under an asset protecting corporate structure, it may be prudent to review your existing arrangement and ensure that your security interests are registered on the PPSR Telephone Alex Tees 0409813622/02 9281 3230 for a free discussion.