Small Business Basics: Personal Property Securities Register, some practical examples
Whilst there has been some press about the Personal Property Securities Register, this week I recieved my first register document regarding our office photocopier.
So I thought I would explain how business owners might use the register, or may find themselves on the register.
- Finance leases. The finance company will register its interest in the property concerned with the register.
- Property lease. If a lease includes a clause where the landlord contributes to the fit out of a tenant (personal property), then you could expect the landlord to register the interest in the fit out.
- Motor Vehicles. State based Vehicle Securities Registers have been replaced by the PPS Register.
- Fixed and floating charges. The current ASIC register of fixed and floating charges has been migrated to the PPS Register. Importantly all future charges must be registered with the PPS Register
- Business operators who sell personal property on credit, consignment, or on a retention of title arrangement need to register their interest in the property on the PPS Register.
- Business owners who are about to purchase personal property, such as valuable second hand goods, should search the register before buying to make sure that the property is free of a security interest.
The above is intended to provide practical examples of the application of the PPS Register. It is by no means comprehensive, however the securities website www.ppsr.gov.au is quite comprehensive.
If you would like clarification regarding the Register and how it impacts your business, leave a comment below or email adam@mbrgroup.com.au
Congratulations Auction Rooms
On behalf of all of us at MBR Group we congratulate Andrew Kelly on the award given by Melbourne’s volunteer Coffee Army.
Tonight, following the review of over 1,000 coffee “haunts”, Auction Rooms followed up the award by The Age Good Cafe guide for the Best Cafe in Melbourne with the award for The Best Coffee in Melbourne.
This award was not by some writer, but by a volunteer “army” of coffee reviewers. Angus Holland, editor of The Melbourne Magazine recruited the army by social media, and offered training and tasting lessons to his army.
Let loose on the streets of Victoria (but really the best coffee is in the big smoke) the army diligently and passionately cruised the cafe scene in search of Melbourne’s best Coffee.
Following a rigorous process (an additional 500 odd reviews) Auction Rooms emerged as the winner!
Andrew Kelly was not present to accept the award, as he was in search of even better beans to keep Auction Rooms and Small Batch at the top of the game.
Hats off Andrew and the talented teams at Auction Rooms and Small Batch on a suitably crowning achievement.
The team at MBR Group.
