- auses creating a security interest in personal property can constitute security agreements (eg: a real property mortgage which contains a charging clause covering personal property).
Registration of these instruments (although not mandatory by law) will be necessary to ensure that priority is preserved. Failure to register may mean that the Secured Party loses their priority in respect of other creditors if the item was to be seized to pay other debts.
Our security law department regularly advise our clients in respect of the implications of the PPSA in relation to certain transactions across areas of law including property, commercial, intellectual property, banking and finance, insolvency and disputes.
We can provide practical advice in respect of:
- creating registrations on behalf of our clients and coordinating/instructing businesses with doing this themselves
- providing general advice and/or specific advice to particular business structures to assist with managing the implications of the PPSA
- amending, discharging or removing improper or incorrect security interests from the PPS Register
- review of business documents, such as Leases for personal property, credit applications, supply of goods, trade terms, contracts for sale, purchase or hire of goods, or other documents for transactions involving personal property to ensure compliance with the PPSA
- advising clients in respect of default and enforcement under the PPSA
- acting for or advising insolvency practitioners on PPSA specific matters; and
- advising on or dealing with disputes practically and efficiently.