Personal Property Securities Register starts today

The new Personal Property Securities Register begins from today, and businesses are continually being warned to read up on as much as they can in order to avoid missing out on registering their interest in securities.

Legal experts have warned SMEs that any business supplying goods should be aware the new register replaces several state-based registers and that should a client or subsidiary become insolvent, businesses will need to register their interest in specific assets.

"It gives businesses which have never had that chance to be sure about their assets have that ability. So if you've got assets in a business, such as two pallets of metal or whatever, you've never had the ability to secure your assets should that business go broke," Veda commercial risk expert Moses Samaha said.

"We're all accustomed to having mortgages, but outside of that people extend credit outside of loans, so it'll have quite a profound impact on businesses."

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