Maksisi Lawyers provide legal advice in the area of Property Law and Transactions (Sale, Purchase and Leasing).
Buying or selling a house or land?
We are here to help guide you through the legal minefield.
We can also advise you in relation to other aspects of property law such as issues concerning the lodgement of caveats on your property or lodgement of a caveat by you or your business to protect your interests.
We can also assist you in understanding other property-related areas of law such as the PPSR and PPSA.
The Personal Property Securities Act (PPSA) and t.he Personal Property Securities Register (PPSR) are the keys aspects of the regime governing the granting of security over personal property (with the exception of land).
The impact of the PPSR and PPSA is wide and includes businesses and individuals. Knowing your rights as an individual or business in the complex web of this regime is essential to protecting your interests.
Registering promptly is vital to ensure no loss of priority occurs. In terms of priority, the time that registrations are made is more determinative than the time that any agreements is entered into. An unregistered security interest arising at an earlier point in time will likely lose its priority to another security interest granted at a later point in time if that later security is registered.
Beyond simply losing priority, however, with the PPSR there are certain time limits that must be complied with in order to protect security interests when the grantor has an insolvency event. When a company enters into administration or liquidation, the secured party’s security interest will vest in the company immediately before this insolvency event occurs unless the security interest has been perfected and, if the perfection is by registration alone, the registration was made within time.
To effectively protect against losing its rights in the secured property, interests should be registered as soon as possible, but no later than 20 days after the interest arises (for example, the date of the agreement). Registrations made after this date will fall foul of s588FL of the Corporations Act 2001 and will not be effective if the grantor has an insolvency event within six months after the registration date.
We can assist you in understanding this area of law.