BE PAID LIMITED
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 Personal Property Security Registration and Searches

What is the PPSR?

 

The Personal Property Securities Register (PPSR) is the Government register where security interests over personal property may be registered and can be searched. 

The PPSR was created as a result of the Personal Property Securities Act 1999 coming into force on 1 May 2002 and it replaced a number of existing registers including the Chattels Register, Motor Vehicle Securities Register, and the Register of Company Charges.   

Why use the PPSR? 

Registering your security interest on the PPSR may give you a better chance of recovering your debt and/or goods if your debtor defaults. 

The Act has rules for determining priority between security interests in the same collateral.   It is therefore important to register your security interests as soon as possible. If you do not register your security interests and a debtor is adjudicated bankrupt or is placed into liquidation, secured creditors will be ahead of you when payments are made or assets distributed.

   

How can the PPSR protect my business? 

The PPSR can be used to assess the level of risk that a debtor may represent to a creditor.  Before entering into a contractual relationship with a debtor, the PPSR may be searched to check whether they may pose a risk.   

A debtor may be searched to see if there are any existing security interests over their collateral- this may show they have a number of existing debts.   A search will show if the collateral they are offering you as security has been used as security for another party and if so, someone else will have priority.   A search before buying an item will show if the item is encumbered with an existing registered security.  If purchasing a car, you can search the registration number. 

Many people only learn or become aware of the PPSR after their debtor defaults or becomes insolvent and they lose financially like the business described in this case example.

Please open, print and complete the form below and either fax to 03 453 4093, mail to Be Paid Limited, P O Box 7004, Mornington, Dunedin 9040 or scan and email to info@www.bepaid.co.nz.



Terms of Trade Questionnaire
Please complete this form so that we can provide a quotation for your specific needs
Terms of Trade questionaire.DOCX (27.59KB)
Terms of Trade Questionnaire
Please complete this form so that we can provide a quotation for your specific needs
Terms of Trade questionaire.DOCX
(27.59KB)