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Securities Register saving thousands



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UNCLASSIFIED

THE HON NICOLA ROXON MP Attorney-General Minister for Emergency Management

MEDIA RELEASE

30 January 2013 SECURITIES REGISTER SAVING THOUSANDS

A national register helping people avoid financial disaster by checking security interests over what they buy, and making it easier for people to use goods as collateral has celebrated its first year of operation.

Attorney-General Nicola Roxon welcomed the news that the Personal Property Securities Register (PPSR) now includes more than 7 million registrations and that more than 6 million searches have been made by users of the Register.

“No one wants the bank repossessing their boat, car or machinery because they’ve been duped into buying property that someone else owes money on,” Ms Roxon said.

“The Personal Property Securities Register has now been up and running for one year and serves as a one-stop-shop for people to check that the used goods they are buying don’t have a security interest over them.

“The Register gives additional protection for businesses that lease or supply goods, in the event that a debtor defaults or goes bankrupt.

“Lenders are also more willing to accept different kinds of property as security because this resource makes it easier for them to check the goods and brings the property together under the same law.”

The Personal Property Securities Register represents a significant micro-economic reform for Australia as it allows users to check the security interest of almost any used good, with the exception of real estate.

It replaces more than 70 different Commonwealth, state and territory acts and registers used to regulate personal property used as security, including the ASIC Register of Company Charges, the State Registers of Encumbered Vehicles and Vehicle Securities Registers, and various other Bills of Sale, stock mortgage and crop lien registers.

Ms Roxon acknowledged that the transition to the Register was the result of great teamwork and cooperation by the private sector, consumer groups and state and federal government agencies.

“I would like to congratulate all those involved in establishing the Register. This very significant microeconomic reform could not have occurred without the hard work and cooperation of everyone involved,” Ms Roxon said.

Further information on PPS reform and access to the PPS register is available at www.ppsr.gov.au or by calling 1300 007 777.

For all media enquiries, please contact the Attorney-General’s Office on 02 6277 7300 or 0409 945 476