PPSA and the '7-year itch'
The Personal Property Securities Act is all about protecting suppliers from the insolvency of their customer. For far too long, suppliers of goods/equipment have been treated as unsecured creditors when their customer's collapse, leaving them at the end of a very long line of other creditors and with little likelihood of recovering what they are owed.
- Review your PPS policy – is it 'best practice' has it kept up with changes to the PPSA?
- Review your existing PPS registrations – are they compliant?
- Review the trading relationship with your customer – are they still a customer, do you have a copy of your terms of trade executed by the customer?
If you're interested in learning more and understanding how the PPSA can help protect your business, PPSAdvisory provide an Impact Assessment service. For the small fee of $170, they'll review your business, identify where the PPSA applies and detail the benefits as well as the costs of compliance, allowing you to make an informed decision of whether the PPSA is suitable for your business.
Simon Read CA
Founder & Director
PPSAdvisory
ppsadvisory.com.au/
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