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THE IMPORTANCE OF THE PERSONAL PROPERTIES SECURITIES REGISTER (PPSR) 

In the current economic climate registering a security correctly against a debt has become extremely important and the Personal Properties Securities Register (PPSR) provides you with the official means to do so.

 

At Alliott NZ we encourage our business clients who provide credit to individuals or other organisations to protect their financial interests by using the PPSR to register their security interests.

 

However, when assisting clients in the sale or liquidation of their businesses we have encountered some common issues regarding the correct use of the PPSR.

 

These issues have sometimes proved costly and could have been avoided if they were originally dealt with in the proper manner.

 

Examples which have caused concern are:

 

 - Clients have charges registered against them which they were unaware of or were old and which should have been removed.

 - Clients have registered a security interest on the PPSR against a debtor but it was not been perfected or not perfected properly. A perfected security as opposed to an unperfected one can give your business a higher ranking when recovering monies owed.

 - Clients believing that a Retention of Title (Romalpa) clause in their terms of trade allowed them to retain ownership in goods sold to customers ahead of other parties. This is incorrect. Additional steps are now required which may include registration on the PPSR.

 - Clients have not registered on the PPSR monies owed to them by certain debtor when this should have been done.

In the interests of protecting our clients and minimising any negative impacts as described above we are now offering the following services:

 

 i. We will search the PPSR for any charges registered against you or your business and provide you with the result.

 

and / or

 

 ii. We will search the PPSR for any charges against a debtor that you are currently doing or planning to do business with. This may help when deciding whether to enter into a business arrangement and as to what credit terms are appropriate for that particular debtor.

After receiving this information you can then decide whether further investigation is required.

 

For example, Alliott NZ can check whether a charge registered against your business should be removed and if necessary, arrange for this to be completed.  

 

We can also advise you on how to register a security correctly.

 

We will provide a quote for any further work that may be required as a result of the PPSR search.

 

If you would like Alliott NZ to search the PPSR on your behalf please email your request and we will contact you to discuss.

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Tel       (09) 520 9200
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Directors        Greg Millar  CA (pp)       Vanessa Williams  B Com, CA (pp)