РРЅR Rеgіstrаtіоns Аnd Іnsоlvеnсу – Thе Іmроrtаnсе Оf Tіmіng

РРЅR Rеgіstrаtіоns

Do you know the Personal Property Securities Registry (PPSR)? It is an online registration filed on January 30, 2012 that protects your business by buying, selling or renting properties that include valuable assets, stocks, vehicles, machinery, office equipment, crops and livestock – almost anything except real estate.

Are you selling on terms, such as withholding title, or renting valuable assets?

Registering your interest in assets that have not paid you can help you recover the debt if your client does not pay or becomes insolvent.

The two-year grace period to register any interest not yet registered is about to end! ACT NOW to record any pending participation before the PPSR check in the Personal Property Deed Registry before the grace period ends on January 31, 2014.

РРЅR Rеgіstrаtіоns

Is your company buying valuable second-hand items?

Yоu саn аlsо сhесk thе Реrsоnаl Рrореrtу Vаluеs Rеgіstrу tо sее іf thаt mасhіnеrу, equipment, vehicles, stock or other valuable used item you want to buy is free of debt and is safe from repossession. Doing a search to verify before you buy is inexpensive, easy and immediate.

 Key facts There are a number of complex facts and problems that arise in a 90 page test and in this case a brief summary of some (and not all) of these issues is presented. ·

Carpenter was involved in livestock trade and bought cattle through her cattle agents. Agents would buy livestock on behalf of Carpenter and then deliver it to Carpenter for sale on the export market. Agents would pay sellers and take out sellers’ rights under sales contracts.·         On March 24, 2015, the directors were appointed to Carpenter.·

The agents argued that they had improved the PPSR check interests of the cattle and therefore Carpenter had no rights over the cattle he owned.·

The administrators obtained prior orders from the Court which allowed them to sell their livestock, without prejudice to the alleged agent’s interest in the product of sale that had been determined by the Court Problems for Determination The issues for determining the Court were:

1.    if the bovine animals sold by Carpenter were subject to the agent’s security interests under various agreements with Carpenter;

2.    whether directors were allowed to handle the proceeds of the sale as Carpenter’s exclusive property because of the security interests conferred by the directors in accordance with section 267 of the PPSA and section 588FL of the law; is

3.    whether directors were entitled to a fair tax on the proceeds of the sale of livestock for the universal distribution costs incurred by the administration

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