On 30 January 2012, a national scheme governing security interests over most types of personal property commenced. The new national Personal Property Securities Register (PPSR) consolidates security registers previously operated by the Commonwealth, State and Territory governments into a single register.
Broadly, a personal property security interest occurs when a person or company takes an interest in personal property as security for a loan. For example, a bank or money lender will hold a security interest over your car while you are paying off your car loan. The car itself is security for the loan, so if you default on your loan, the lender may repossess your car to recover their costs.
The new national register is operated by the Commonwealth Government’s Insolvency and Trustee Service Australia. The registers previously operated by Queensland which are now included in the national PPSR are:
- The Register of Encumbered Vehicles (REVS), which listed security interest held over vehicles and boats
- The Bills of Sale Register, which listed security interests over all other forms of personal property, including manufacturing equipment, cattle and crops of sugar cane
- The Register of Cooperative Charges, which included security interests of plant and equipment owned by cooperatives.
All security interests that were held on these three registers were migrated to the new national PPSR. Please do not hesitate to contact our office should you have any queries or require any assistance.