There is a simple step that many businesses can take to better manage the risk that can attach to certain assets.
Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following scenarios — are you in business, and do you:
- sell goods on retention of title terms?
- hire, rent or lease out goods?
- buy or sell valuable second-hand goods or assets?
- want to raise finance using stock or other assets as collateral?
- work as an adviser to clients who conduct these activities?
As you will gather from the very wide-ranging scenarios listed above, the scheme (the Personal Property Security Register, or PPSR) can potentially cover a significant proportion of Australian business.