Do you supply goods for sale or lease? Provide finance for businesses and consumers? Or want to purchase or rent goods over the value of $5,000?
If so, you probably want to know how to search and register on the PPSR – or perhaps you're on the lookout for more efficient solutions around your existing search and registrations processes.
This is where Veda can help. Veda provides an interactive online portal for clients to search, register and manage their security interests. Veda's value-added search functions may help save you significant time compared with other approaches.
Veda's PPSR Solution is designed to streamline your search and registration processes for an efficient and simple PPSR experience, every time. Read more.
The PPSR can have an impact on any business or individual who supplies goods on conditional sale or lease, or who plans to purchase valuable personal property.
Here are the four main PPSR user groups – which one do you belong to?
Buying a car or a boat? Here's what you need to know
If you are purchasing something privately for your own personal, domestic or household use, valued at more than $5,000, a PPSR search may help to protect you from repossession at a later date because of a previous owner's security interest. Read more.
Do you supply goods on terms of conditional sale or lease? Here's how Veda can help
Using Veda's PPSR Solution as part of your credit-risk management process can ultimately help to mitigate risk and save your business time and money. Read more.
Providing finance? Here's what you need to know about Veda's PPSR solution
Veda can help make it easier and quicker for credit providers to make more informed decisions when considering applications for asset or general-security finance. Read more.
In the legal or accounting profession? Veda has your PPSR needs covered
Veda's PPSR solution can link PPSR information to related search data – such as Company File records or Land Titles searches – and provide additional information including details of ASIC migrated charges. Read more.
Australia's PPSR works like an electronic ‘bulletin board' of financing statements that record security interests granted over personal property. The details of security interests are directly entered onto a single national electronic register.
The register has two key functions: Search and Registration. If you choose to search or register on the PPSR using Veda's value-added VedaCheck portal, the benefits are instant and numerous.
The PPS Regulations prescribe the following classes of property as ‘collateral':
(c) all present and after-acquired property;
(d) all present and after-acquired property except;
(e) financial property;
(f) intangible property;
(g) motor vehicle;
(h) other goods; and
Personal Property Securities Act 2009 (Cth) (PPSA)
The launch of the Federal Government's Personal Property Securities Register (PPSR) has signalled the start of a new and profound era for businesses and consumers across Australia.
The move to a single national register – and legal reform that underpins use of personal property as security for credit – impacts significantly on daily business processes, documentation, systems and the management of credit risk.
However, the transition is not without its challenges as businesses and consumers attempt to understand, comply with and adapt to the change.
As the market leader within Australia's credit industry, Veda has developed innovative solutions to help you make the necessary registrations, updates, or searches on the PPSR – accurately and quickly.
"Every business that supplies goods (by sale or lease) or finance needs to consider the impact of the PPS [Personal Property Securities] Act upon its operations. Businesses that ignore the PPS Act face a real risk of suffering significant losses in the future in ways that have not occurred in the past. Conversely, businesses that make the necessary adjustments to their documentation and business processes will enjoy significantly new protection from bad debts that simply has not existed in the past."
Legal Practitioners' Liability Committee, PPSA Bulletin No.2
Veda has developed innovative solutions to take the guesswork out of PPSR. Veda business customers benefit from access to VedaCheck, a user-friendly portal that interfaces directly to the PPSR website. This portal can assist you to correctly register, manage and track your security interests – and may help you get first priority in the event of customer insolvency.
At Veda we like to anticipate your search needs. This is why our PPSR solution can connect you to related searches that often follow a PPSR search.
Our VedaCheck portal is also home to integrated commercial risk solutions, as well as a number of other reports including Bankruptcy searches, Company File reports and Land Titles searches.