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  • 4 years ago
B034 Court Case and Liquidators’ Decisions on PPSR

B034 Court Case and Liquidators’ Decisions on PPSR

Understanding Decisions of Courts and Liquidators’ Actions Relative to the PPSR and the PPSA is Important for Accountants
The Personal Property Securities Act (PPSA) has operated in Australia since 2012. Since that time there have been a number of court cases and significant ‘non-court’ action 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 court’s 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.