How can I prepare for PPSR?

How do I get ready for PPSR?

You should obtain independent legal advice on how the PPSR will affect your business. Some things you may need to consider are:

• Are there security interests currently not registered that could now be lodged under the new system?
• Are there areas of lending/credit who currently do not lodge a security over assets due to operational logistics but who could do so given easier processes under PPSR?
• Do you have processes in place to manage and monitor the transition of existing interests onto the new system?
• Have you investigated the implications of the PPSR on your credit management and credit administration processes?
• What processes are in place to advise your customers before lodging a security interest and to provide verification after registration?
• Have you considered the changes required to your terms and conditions and guarantee to encompass the registering of security interests? Reviewing and updating trading terms & conditions may be required before the commencement of the PPSR. Changes may be needed for you to have full enforcement rights under the legislation.

• Determine which collateral classes you need to register securities. There are many collateral classes and sub-classes and Veda recommends that you obtain your own independent legal advice to determine the correct collateral class and sub-classes applicable to the assets being registered on the PPSR.

How can Veda help with PPSR?

PPSR Pre-load Services

To obtain priority in the event of insolvency your 'perfected' security interests need to be loaded in the PPSR. Veda can help to ensure your security interests are correctly loaded prior to the live date.

Pre-loading your security interests with Veda will help your business by:

• Helping ensure the correct entity and ACN are attached to the security interest before being loaded into PPSR
• Help avoid additional fees from the government to correct errors on security interests loaded
• Mitigating risk of being treated as an unsecured creditor in the event of a liquidation
• Save you time and resources as Veda does it for you.

For more information on how Veda can help you get ready for PPSR contact our call centre on 1300 921 621 or your account manager.

PPSR Solutions

Once the PPSR goes live all new security interests will need to be uploaded into the PPSR. Veda will offer an interface connecting directly with the PPSR. This streamlined and efficient user interface is designed to assist you to correctly register, manage and track your security interests to help ensure priority in the event of insolvency or liquidation.

• PPSR information will also be incorporated into Veda's existing commercial reports enabling you to get all the information you need in one place.
• Streamlined search - Veda PPSR searches are summarised into easy to read reports categorising information into groups to make it easier to find the information you are looking for.

• Register, manage and track your security interests.