Debt protection for your business
It is now possible to help increase your business’ ability to get paid, even if a debtor defaults or goes bankrupt.
What you need to do is register your security interest in goods you supply or lease on the new national Personal Property Securities Register (PPSR) for a minimum cost.
Introduced in January 2012, the PPSR is an online national register where details of security interests in personal property can be registered and searched.
This single national noticeboard of security interests in personal property replaces both the Register of Encumbered Vehicles (REVS) and Bills of Sale (BOS) registers in Queensland.
The PPSR is administered by the Insolvency and Trustee Service Australia (ITSA) which is an Australian Government agency.
The PPSR makes important changes to the previous laws and practice relating to personal property securities. One of the benefits is that the PPSR expands the range of personal property types that can be easily used as collateral to secure a loan. As a business owner, the PPSR can help you:
The best place to find out more about protecting your interests, is the PPSR website or you can call 1300 007 777.