Podcasts about personal property securities register

Small Biz Matters: People, Policy, Purpose ~ Episode #230 Broadcast date: 23 April 2024 Host: Alexi Boyd, Small Business Advocate & Policy Advisor Guest: Tim Beresford CEO Australian Financial Security Authority So many acronyms, so little small business time. But the PPSR is one you and your advisors should know about. Why? Because it's free, it helps to protect your assets and your business. PPSR stands for the Personal Property Securities Register which is an official government register; a public noticeboard of security interests in personal property that is managed by the Registrar of Personal Property Securities. According to the Attorney General's department it must be reliable, managed responsibly and is accessible. But that's not much use if small businesses, the ones who can benefit the most, don't know about it. So, who the AFSA is and what they regulate and enforce, how the PPSR came about and what important role advisors and associations can play in assisting small businesses to manage their assets? The AFSA also manages the application of bankruptcy laws in Australia, which right now, is a big deal for small businesses. According to CreditorWatch's most recent research, Australia is on track to see 10,000 small businesses collapse by the end of June, the worst number in 11 years. CreditorWatch has said the number of businesses in external administration has hit a record high. Today we welcome Tim Beresford, the CEO of the Government regulator in charge of Australian Financial Security Authority to tell us about the importance of their work in engaging with small business in all industries and how they're working harder to ensure more small businesses can take advantage of the PPSR and understand better the regulations around bankruptcy and personal property.   PEOPLE –  Tim, tell us about yourself and how you've come to be an advocate for small business in this space? How can small business people best utilise the personal property security services in their businesses? Who should they go to for advice? POLICY - Bankruptcy and personal property securities laws seem like a personal problem but we know the Government is very concerned about small businesses too. How has the COVID insolvency laws impacted the current state of small businesses? PURPOSE -  How did the PPSR come about and what problem is it trying to solve? Who does AFSA regulate and enforce? Advisors play an important role in assisting small businesses to manage their assets - how can the Aust Financial Security Authority and advisors work better together to help small businesses to manage their assets? Tim Beresford is the Chief Executive at the Australian Financial Security Authority (AFSA), having joined the agency in mid-2022. AFSA's role is to support a strong credit system for Australia and is a visible, modern and contemporary regulator. The agency administers and regulates the personal insolvency and personal property securities systems and manages criminal assets.  Tim is also the immediate past Chair of the Benevolent Society (TBS), Australia's oldest non-Indigenous not for profit. Previously, Tim has held the roles of Acting Chief Executive of the Australian Trade and Investment Commission (Austrade), Deputy Vice- Chancellor of Macquarie University and First Assistant Secretary of the Social Policy Division in Department of the Prime Minister and Cabinet. He has significant leadership experience in the higher education, government, not-for-profit, financial services and professional services sectors. His areas of expertise include strategy, governance, public policy, change management and organisational design. He holds a Bachelor of Economics (Honours), Bachelor of Laws, a Masters of Philosophy (International Relations), and is a Fellow of the Australian Institute of Company Directors. Relations) and is a Fellow of the Australian Institute of Company Directors. To find out more go to https://www.afsa.gov.au

In this episode of The Cut, host Simon Cathro, Managing Principal of Cathro & Partners, welcomes listeners to season 3.  This season the team will delve into the legal industry with a focus on insolvency, restructuring, and related legal matters. Simon and his guest, Tom Gardner, a restructuring lawyer from Gilbert & Tobin, discuss the complexities of insolvency law, sharing insights from their extensive experience handling various cases, from manufacturing and retail to food delivery services. Tom recounts their career journey, starting from working for Justice Black at the Supreme Court, where they were first exposed to insolvency matters, to their current role dealing with stakeholders in distressed situations. The conversation also touches on the lighter side of legal work, including the daily responsibilities of a law clerk, right down to the critical task of getting the judge's cappuccino.  Tune in for an informative session that sheds light on the intricacies of insolvency law and the roles of those who navigate this challenging field. What you'll learn about: [00:03:36] Personal Property Securities Register. [00:07:33] Notice board overhaul in law. [00:11:31] Complexities of Personal Property Law. [00:17:37] PPSR registration changes. [00:21:28] Purchase Money Security Interest. [00:26:27] PPSR complexities and case law. [00:32:28] Register data points reduction. [00:36:12] Asset detachment and financing. [00:39:10] Reducing fraud and providing clarity. Links: Gilbert & Tobin Tom Gardner Linkedin Cathro & Partners Simon Cathro Linkedin  

Small Biz Matters – #196 Providing the small business community with educational content and advocacy since 2014 with Alexi Boyd, broadcaster, advocate and small business owner. Date: 14 February 2021 Small Biz Matters is proud to announce our ongoing collaboration with the Australian Small Business and Family Enterpris­­e Ombudsman through regular updates from Kate Carnell about all ASBFEO is doing to advocate and support small businesses. In the fourth third of the series Kate Carnell will update us about ASBFEO’s response to the crisis facing small business. This week we’re updating you on: Insolvency changes and access to funding for small business since 1Jan2021 Temporary restructuring relief - how to get started Why should small businesses familiarise themselves with the Personal Property Securities Register? Access to credit after JobKeeper and how will small businesses cope with its removal? What about those businesses looking to hire additional staff – what do they need to know about JobMaker Hiring Credit Kate Carnell, as an independent advocate for small business owners, has the legislative power to influence our nation’s lawmakers, ensuring legislation and regulations are put in place to help small businesses grow and in these times, survive. A lot has happened since January 1 – rules around insolvency have changed for one – what do small businesses need to know? Let’s talk about temporary restructuring relief. What is it and how do small businesses get started? There’s a lot of talk about a steep rise in insolvencies this year. Why should small businesses familiarise themselves with the Personal Property Securities Register? JobKeeper is being phased out and that will no doubt put struggling small businesses under pressure – how important is access to credit? (Kate to talk about revenue contingent loan scheme) What about those businesses looking to hire additional staff – what do they need to know? (Kate to talk about JobMaker Hiring Credit) To find out more go to their website: https://www.asbfeo.gov.au/ About our Guest: The Ombudsman - Kate Carnell "In this role I will seek to bring together the many voices within the small business community in a way that promotes growth in this vital sector." Kate Carnell is the inaugural Australian Small Business and Family Enterprise Ombudsman (ASBFEO). As the ASBFEO, she is an independent advocate for small business owners.  Her office has the legislative powers needed to effectively influence our nation’s lawmakers, ensuring legislation and regulations are put in place to help small businesses grow. The ASBFEO office also provides small businesses and family enterprises with assistance should they find themselves involved in a business dispute. Small businesses are the engine room of the economy; it’s a big reputation to live up to, so we need to do all we can to ensure they have the freedom to innovate, employ and thrive well into the future. About ASBFEO Australia is a nation of small businesses and family enterprises.  It’s a dynamic and exciting sector that allows people with an entrepreneurial spirit to pursue their dreams. One of the fastest growing in the economy, the sector presents many opportunities – and challenges – for those who dedicate themselves to pursing a small business venture. The ASBFEO's role is to support small businesses and family enterprises to enable them to grow and thrive. The ASBFEO was launched on 11 March 2016 and has two key functions: to assist and to advocate for small businesses and family enterprises. ASSIST: We understand the challenges facing small business owners. We provide access to dispute resolution services for those who may be involved in a disagreement, so they can try and find a solution to their problem without having to go to court. ADVOCATE: There are a number of different activities the Ombudsman may conduct in fulfilling the role of small business advocate. Broadly these include: Conduct inquiries and research Work with other arms of government Contribute to other inquiries Promote good business practice.

Resources: Come and visit my website at (https://www.thesiteshed.com/) Check my latest podcast or listen to the previous ones (https://www.thesiteshed.com/podcasts/) Tradie Web Guys (https://www.tradiewebguys.com.au/apply) The Contracts Lawyer (www.thecontractslawyer.com.au) Personal Property Securities Register (https://www.ppsr.gov.au/) Check out Part 1 of this series with Helen Kay (https://www.thesiteshed.com/blog/contracts-1/) How to Sell Your Trades Business Series     Episode 220 (https://www.thesiteshed.com/blog/brandon-1/) Episode 221(https://www.thesiteshed.com/blog/brandon-2/)  Episode 222 (https://www.thesiteshed.com/blog/brandon-3/) Selling your business. This topic should make business owners curious about whether they are planning to sell or not. As a business owner, it can be considered a wise thing to do if you start preparing your business with the end in mind, especially because one of the key factors that determine if a business is thriving is if it is ready for sale.  In this episode with Helen Kay, The Contracts Lawyer, she emphasises the importance of getting help from experienced professionals to help with the sale of one's business and the tasks that business owners can do themselves to make sure the sale goes smoothly. She also talks about the stages of selling a business, the seller's due diligence, etc.  I highly recommend that you tune in to this episode as it provides vital information about preparing your business for sale.  What's Discussed in This Episode:  An overview of The Contracts Lawyer and recap of the previous episode [3:54] Getting into the business of ‘selling your business' [5:27] The legal business health checklist [8:47] The importance of working with experienced professionals [10:42] Stages of selling your business [12:53] Ensure the business name is registered to the seller [18:12] Ensure the trademark is owned by the business owner [19:02] PPSR and how it applies to trade businesses [20:51] Ensure that key contracts are documented [21:47] Lease issues [23:28] Seller's Due Diligence [18:04] Summary of steps to make sure your business is ready for sale [28:34] About Our Guest: Helen Kay is a business lawyer, in fact, she is The Contracts Lawyer. She is a highly accomplished commercial and property lawyer with extensive legal experience working within top tier firms in Australia as well as running her own legal practice and heading up various commercial practices over the years.  Helen has assisted many businesses across different industry sectors with their commercial legal agreements, including commercial leases, buying and selling businesses and providing general contractual advice. Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and Stitcher. Thank you for tuning in! If you enjoyed this podcast and this series, please take 5 to leave us a review: Google Facebook  iTunes – Apple Stitcher – Android See omnystudio.com/listener for privacy information.

We have spoken previously about the implementation of New Year’s resolutions relative to the delivery of a wider range of professional services to your clients. Today, I'd like to respectfully suggest that resolution number one for 2018 should be “Help Your Clients Avoid the Personal Property Securities Register Quicksand!”   Over $400 million has been lost by Australian businesses, both large and small, since the Personal Property Securities Register regime commenced in January 2012.   Unfortunately, a significant number of small/medium enterprise operators have no knowledge of the Personal Property Securities Register and indeed, when told about this legislation, many people question why they have to register on a government register to protect their own assets!   There is no doubt, in my mind, that the vast majority of your small/medium enterprise clients need their accountants’ assistance in navigating the requirements of this legislation.   The best place to start is the definition of Personal Property which is defined as “all forms of property other than real estate”.   This covers an enormous range of “business assets”, including: debtors leases of more than two years (was one year up to 20th May 2017) stock – stored on someone else’s premises/on consignment livestock – especially livestock on agistment crops goods artist works plant and equipment motor vehicles, boats, aircraft licenses and trade marks intellectual property service entity arrangements   One of the biggest problems is business assets that are stored on someone else’s premises – in someone else’s warehouse or on consignment to another business.   There needs to be a “triggering event” for a potential problem to emerge. This will always be the appointment of a liquidator, receiver or trustee in bankruptcy to a customer, licensee or the owner of premises where your client has business assets situated.   One of the biggest problems is a liquidator being appointed to one of your client’s customers who has been making payments to your client that a liquidator determines as being “preferential payments.”   Some accountants claim that all work aspects of the Personal Property Securities Register are legal work. I disagree.     I have talked to many legal practitioners who have all indicated that their role is to prepare the two key documents that businesses require – Terms of Trade Agreement Retention of Title Agreement   There is a lot more involved in an effective system to protect your client from the consequences of not registering on the Personal Property Securities Register other than these two agreements.   Businesses need systems to ensure that the Terms of Trade and Retention of Title Agreements are sent promptly to any new customer for signature prior to the supply of any goods and to ensure that there is a follow-up system to ensure that your client receives the signed documentation and that a decision is then made whether to register this customer on the Personal Property Securities Register. All of this must be done promptly so as to comply with the legal requirement to process a registration on the PPSR prior to any goods being sold and within 15 days of the date of the agreement.   The legal practitioners that I have spoken to have indicated that they do not do this work. When I’ve enquired of them who they think does this work they have replied – consultants, accountants, someone within the business’ office.   Why not hold some briefing seminars for the various subgroups of clients that you probably have, such as: subcontractors prime contractors primary producers wholesalers and retailers others   This will enable you to talk to a group with common interests in the operation of this legislation.   ESS BIZTOOLS has developed a Personal Property Securities Register Product Package to assist accountants and business advisors to conduct due diligence reviews on your clients' systems to assist your clients to navigate this complicated legislation, the registration requirements and seminar material for the presentation of seminars to your clients and prospects.   If you would like to obtain more details why not click on to www.essbiztools.com.au and then click onto the Personal Property Securities Register Product Package.   If you have any questions relative to the ESS BIZTOOLS' Personal Property Securities Register Product Package or any of the other product packages that have been produced to assist accountants/business advisors to offer a broader range of professional services, please do not hesitate to contact us. peter@essbiztools.com.au 1800 232 088  

Why have I made this opening statement? Because innovation and change keep happening and no accounting firm will be able to avoid change. In fact, no industry can avoid change.   Think – video stores – only a little while ago they were everywhere – now hardly any!   There are disruptors everywhere: accounting software communications technology outsourcing of processing work competition machines performing more work social media impact big data and data analytics   For accountants prepared to meet the challenge, of proactively offering commercial solutions as well as taxation advice, there are many exciting opportunities available.   We are now in the “Age of Prediction”.   The challenge is to use your knowledge of clients’ businesses to directly approach them about the availability of commercial solutions.   For example:   A business that: is wanting to expand; or acquires a new business; or has high loans; or has large credit card debts could be interested in discussing the opportunities to raise capital by Crowd Sourced Funding Equity Raising (Learn More).   A young company aged under 3 years that has developed a new product, process or service or which has expended a significant amount of money on research and development and had expenditure of under $1 million and income of under $200,000 in the last 12 months could be interested in the opportunities to raise capital using the Early Stage Innovation Company Capital Raising Process. (Learn More)   Some of your clients who are looking for investment opportunities could be interested in understanding how the Early Stage Innovation Company Investment Opportunities work including the tax breaks and the capital gains tax potential exemption that is available for a qualifying investor in an Early Stage Innovation Company. (Learn More)   Clients that have stock stored on someone else’s premises, plant and equipment located away from their premises – indeed any type of asset (other than land and buildings) in the possession of another business should have an understanding of the risk minimisation opportunities available to them if they register that other business on the Personal Property Securities Register. (Learn More)   Subcontractors who are contracting to other businesses can obtain significant risk minimisation by registering that customer on the Personal Property Securities Register to minimise the threat of a liquidator’s Preferential Payment Claim being lodged on them. (Learn More)   Clients with Debtors’ Days Outstanding longer than the business’ targeted debtors’ days outstanding figure could benefit by your firm implementing improvements to their debtors’ system. (Learn More)   Thousands of businesses miss out on the opportunity of obtaining a government grant to assist them in some aspect of improving their business operations each year.   Many of these businesses claim that they were unaware of the grants that they could have applied for.   Most SMEs have an expectation that their accountants will keep them informed about grants. (ESS BIZGRANTS)   Accounting businesses that are only doing tax are probably not aware of these opportunities to assist clients to add value.   As you have read this article to this stage we are keen to supply you with additional information and answer any questions that you have relative to the supply of a range of commercial services for your clients.   Are you interested in obtaining more information about the opportunities for your firm to perform a range of commercial services for your clients beyond taxation?   You could participate in a free webinar “If You Only Want to Do Tax – Don’t Attend This Webinar” on Wednesday, 22 November 2017 at 12 noon AEST, 1pm AEDT (register here) You can obtain more information and register for a guest login by visiting www.essbiztools.com.au – register for Guest Login (Click here). You could send me an email outlining your questions to peter@essbiztools.com.au. You could phone me on 1800 232 088.   Have a great day.  

I'm Peter Towers, Managing Director of ESS Small Business.  Welcome to Survival Hints for Small Business.   According to the “Accounting Market Pulse”, a publication produced by the Commonwealth Bank targeted at accountants, this is the year of “business advisory services”.   What are you going to do to be able to make sure that you receive more commercial services from your accountants/advisors during this financial year - the year that the accountancy profession has acknowledged as being the year of business advisory services?   ESS Small Business supplies resources to accountants/advisors to assist them to be able to deliver a wider range of commercial services, other than taxation, to you, the small/medium businesses.  These services include: articles forms templates videos powerpoint slides webinars news releases to assist your accountant/advisor to be able to offer these services, without them having to spend an enormous amount of time in preparing that material.   The overall objective is to try to shorten the time that it takes for accountants/advisors to be able to deliver an effective business advisory services range of products to you to assist you to add value to your business.  Isn't that what it's all about?   In fact, the product range that we have, covers some vital areas of small business management, including:   Early Stage Innovation Company If you're interested in trying to raise some capital from external investors for a product, process, service that you've developed… this is the company for you, so talk to your accountant in relation to this.  They can use the checklist software that we've introduced to be able to tell you whether you can self-assess as being an Early Stage Innovation Company.  You can then raise capital from investors.   Debtor's Management What is your current debtors' days outstanding?  Do you know what it is?  In most businesses it's far too high.  Your accountant can help you in this very important cashflow management process to reduce the amount of money that you're owed by your debtors.   Personal Property Securities Register What do you know about the Personal Property Securities Register (PPSR)?   Many small businesses don't know much about it at all, yet this legislation, if you do not comply with it, can financially wreck your business, so one of the most important risk management areas that you have is to make sure you're familiar with how the Personal Property Securities Register works.  Talk to your accountant/advisor and your lawyer about this legislation.   Business Plans Business plans are like maps for tourists; you need to plan where you're going to go and then be able to measure how you're going on that journey.  Running a business is no different.   Succession Planning Succession planning covers the owners of the business, the management team of a business, but it also encompasses all of the team members because unless people are continually training and improving their skills and knowledge, which is really what succession planning is all about, you'll not be able to promote them - you'll have to continually bring in new people from outside.   Virtual Chief Financial Officer Service The virtual CFO product offering that some accountants/advisors are now able to deliver around Australia is a vital component to assisting you and your management team to have a better understanding of the financial accounts, the key performance indicators, the ratio analysis, the budgets and cashflow forecasts.  How it all merges together and then, with that knowledge, your management team should be able to run your businesses far more effectively because they will clearly understand what the financial data is telling them.   Government Grants What value of government grants did you receive in 2015/16?  What about the year before?  Do you realise there are billions of dollars being paid out in Australia for virtually every type of business as government grants.   Why do governments offer government grants?   They don't do it just to spend taxpayers' money, even though some cynics might say that.  At times, government do it because they're trying to make a contribution and the only way that governments can perceive to do that is to try to improve the overall business performance in Australia by paying about 50% of the cost for some improvement activities to be introduced.   If you're not receiving a government grant, knock on the door of your accountant/advisor and ask them why they're not talking to you about government grants, because I and a large number of other accountants/advisors believe that this is an important process that accountants/advisors should be doing.   To celebrate everything that we're doing as we enter this year of business advisory services, we are presenting a webinar to you, a small/medium enterprise operator, on Wednesday 27th July 2016 at 4pm AEST.  We look forward to you participating in this free webinar.  Click here to register to attend.   We have produced a special article on the services that accountants/advisors can provide to you, “…”.  A complimentary copy of this article is attached with this transcript.   Accountants/Advisors can Assist Remember, you're the boss when it comes to dealing with your accountants/advisors.  If you want some additional services, please ask them to supply them.  If they're unable to supply them, ESS Small Business has a directory of accountants/advisers who are interested in supplying a wider range of services, commonly known as “business advisory services”, to small/medium enterprises.  This directory is called “Find an Accountant/Adviser”.   Visit www.esssmallbusiness.com.au and click on “Find an Accountant/Adviser” menu tab.  All you need to do is to type in your postcode and the system will then show you accountants/advisers in or near your postcode who offer a wider range of commercial services to small/medium enterprises.   Good luck in 2016/17 and I really hope that you are able to obtain the additional services that you want, to be able to add value to your businesses.   If you have any questions in relation to how accountants/advisers can assist you to add value to your business, please don’t hesitate to contact me on 1800 232 088 or send me an email at peter@essbiztools.com.au.       Peter Towers Managing Director

As a small business operator, are you aware of the Personal Property Securities Register (PPSR)?  Has your accountant/advisor talked to you on how you can minimise the risks under this register?  Do you know that, in Australia, over $120M has been lost by small and large businesses in court cases involving the Personal Property Securities Act (PPSA)?  Virtually in every one of those cases, the company or business had not registered on the PPSR.  It’s rumoured that over $200M in addition has been lost by other businesses who haven’t registered on the PPSR, sought some legal advice and found that they had no case to be able to present.  Therefore, they lost that money.   You could insure on the PPSR for under $5 for a 7-year period per transaction.  Undoubtedly, this is the cheapest insurance in Australia.   ESS Small Business provides material to accountants and small/medium enterprises to help you review your business operations, to determine your risk areas.  The risk areas cover virtually every asset in your business, except land and attachments to land.   The legislation applies to: debtors stock stock on consignment vehicles plant and equipment builder’s plant and equipment tradesmen’s plant and equipment Intellectual Property cattle horses thoroughbred horses (has been an infamous case in New Zealand with over $2M lost by the legitimate owners to a liquidator acting on behalf of a secured creditor) aeroplanes boats cars   Everything, except land and attachments to land, is caught up under this legislation.   The ESS Small Business and ESS BIZTOOLS’ system, produced to assist accountants/advisors and small/medium enterprises is the only one of its kind in Australia, to specifically assist businesses to alert on the areas where you’re subject to problems under this legislation.   For example, where did you store your stock last night?  If you had stock stored in someone else’s premises and, in an unfortunate circumstance that a liquidator was appointed to that business, you will probably lose it.   The other big risk that businesses are running relates to preferential payment claims being received from liquidators.  Have you already received one of those?  I can assure you that thousands of businesses have.  The vast majority of those businesses could’ve avoided all of the stress, the worry and the costs of the preferential payment claim if they had registered that particular debtor on the PPSR.   Do something about it.  In the first instance, we invite you to visit www.esssmallbusiness.com.au and obtain the articles we’ve developed on the PPSR.   Accountants/Advisors Can Help If you would like to talk to an accountant/advisor who is keen to provide you with advice on a PPSR due diligence system, to help protect your assets, ESS Small Business has a directory of accountants/advisers who are interested in supplying a wider range of services, commonly known as “business advisory services”, to small/medium enterprises.  This directory is called “Find an Accountant/Adviser”.   Visit www.esssmallbusiness.com.au and click on “Find an Accountant/Adviser” menu tab.  All you need to do is to type in your postcode and the system will then show you accountants/advisers in or near your postcode who offer a wider range of commercial services to small/medium enterprises.   ESS Small Business also includes a number of free articles and articles for sale, including a complimentary copy of the article “PPSR – Operational Issues in Risk Management”, which is attached with this transcript.   We will be presenting a webinar, featuring “Personal Property Securities Register”, on Wednesday 20th July 2016 at 4pm AEST.  Click here to register to attend this webinar, free of charge.   If you have any questions in relation to how accountants/advisers can assist you to add value to your business, please don’t hesitate to contact me on 1800 232 088 or send me an email at peter@essbiztools.com.au.         Peter Towers Managing Director  

Millions of dollars have already been lost by Australian businesses through ignorance of the operation of the Personal Property Securities Act (PPSA) and the Personal Property Securities Register (PPSR).   This is undoubtedly a “time bomb” for businesses.   Businesses are losing assets through ignorance of the law.  A wide range of business activities have been affected, including: ·           motor vehicles and trailers ·           cleaning equipment and products ·           inventory (stock) ·           assets that have been hired ·           machines owned by one company and hired to another company within the same group ·           a cabinet maker caught by a preferential payment demand by a liquidator ·           considerable costs have been incurred by hiring and renting businesses ·           the owner of $60M worth of electrical generating equipment has lost it ·           there has been confusion about terminology of “grantor” or “grantee”.   These are just a small snapshot of some of the problems.   Businesses need to be proactive in protecting their assets from this legislation.   In the first instance, if you haven’t already done so, you should be obtaining legal advice and asking a commercial solicitor to draft two very important agreements for you: ·           Terms of Trade Agreement ·           Retention of Title Agreement   You should be issuing these agreements to your customers to sign prior to your business transactions being conducted with them.   We would recommend you engage your accountant to undertake a due diligence review of the systems that you’ve implemented within your business.  If you haven’t implemented a system, get your accountant to implement a system to protect yourself from this legislation.   Liquidators are surprised about the number of small/medium enterprises that have been caught by this legislation.   When do you need to act?  NOW!  It’s very important that you get your “house in order” now!   There are very strict timelines for placing a registration on the PPSR: ·           For inventory or stock, you should register the potential transaction before you deliver the stock to your customer. ·           If it’s not inventory, registration must be made within 15 days of the customer obtaining possession of the goods covered by the invoice. ·           Other security interests such as loan agreements, hire agreements, assignment of Intellectual Property agreements, etc.  These must be registered within 20 days.   Businesses need to be very vigilant on protecting their assets from this legislation.   If you would like to obtain more information, a complimentary article, “Personal Property Securities Register”, is available.  Click here to obtain your copy.   ESS Small Business contains other articles that look further into the PPSA and the PPSR, written by a Melbourne Solicitor who is very experienced in the operations of the PPSA.  These articles are available to purchase.  We will also be producing more articles, over the next 2 months, on the PPSR relating to how the PPSA affects different types of businesses.   ESS Small Business presented a webinar, featuring “PPSR – How do you Protect your Business”.  Click here to watch the presentation and to also view other webinars on various business matters, free of charge.   Whilst you are on the ESS Small Business’ website, why not have a look at the offerings from a wide range of business people who are able to assist small/medium enterprises?   If you have any questions on the operation of the PPSR and how it might affect your business, please don’t hesitate to contact us.         Peter Towers Managing Director  

Understanding decisions of courts and liquidators’ actions relative to the PPSR and the PPSA is important for business operators The Personal Property Securities Act (PPSA) has operated in Australia since 2012.  Since that time, there has been a number of court cases and significant non-court actions by liquidators, receivers and administrators utilising the PPSA and, in most cases, highlighting the lack of an effective registration on the Personal Property Securities Register (PPSR). Because of the courts’ decisions and insolvency practitioners’ actions, millions of dollars have been lost by businesses, both large and small, mainly caused through ignorance of the operations of the legislation and the desirability for a registration to be made, if the loss of any asset or money owing to a business could cause financial embarrassment.

THIS PODCAST FEATURES: In Podcast #3 Part 1 of the Factoring Series – we talked about the different types and overview of the how each facility worked. This podcasts we will delve into: > How each facility is priced - Spot invoice factoring - Debtor Finance, full and partial facilities - Invoice Discounting – won’t go into depth as it’s not as popular > What type of security is taken over your business (only relating to Factoring), used to be called fixed and floating charges. Now switched over to the Personal Property Security Act, which is extremely broad in nature and is already in action through New Zealand and Canada. Lenders register on the Personal Property Securities Register usually what’s called an ALLPAP (all present and after acquired property). Similar to the old fixed and floating charges. Essentially a new register where every security interest from lenders can be searched easily, with a fully online rego process instead of manual. If lenders don’t register they simply don’t have security. > How do they lenders asses risk in this area? Concentration, dilution, advance rates debtor turn. Moving onto a lighter note, recap on what lenders will look at when assessing your application, Do they really care about your financial history? Interested in your customer quality and spread of risk. Podcast #5 is coming up next from the Business Briefcase, we will be talking about Short and long-term property secured business loans. First mortgages, second mortgages and caveats. What’s available now and how you can qualify for alternative loans in this space, why you would use them and what rates should expect to pay in compared to bank loans. Thanks for listening.