The Personal Property Securities Register (PPSR) is a national online register which was established under the Personal Securities Act 2009 (Cth) and is administered by the Australian Financial Security Authority (AFSA). The PPSR was set up in order that details of security interests in personal property could be registered and searched. This is a protection for the security interest holder and also for any future buyers or lessees in respect to businesses or personal property. Since 30 January, 2012, all charges and other security interests in personal property ie intellectual property, cars, boats etc have been recorded on the PPSR. The Register does not include any real property, as land and buildings are registered on various other land title registers, such as NSW Land Registry Service. On the PPSR you can:
- Register a notice to show that you have rights over personal property which secure a debt; and
- You can search to see if someone has registered an interest over personal property which you may want to buy or lease.
It can be very useful to search the PPSR if you are buying a business or an asset of significant value, as if the property is bought subject to a security interest there is a possibility that the entity or person who has the security interest may repossess it.