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Australian Small Business has until 30th January 2012 to register legal interests

By: admin|

Small to medium business in Australia has until the 30th January to register their legal interest in assets held by another party, to ensure they cannot be claimed by a competing creditor if those parties become insolvent.

30 th January is the start date for the new Personal Property Securities Register (PPSR) to commence and this will catch many small and medium business off guard as they have not taken this into consideration and no doubt will find out the hard way when a creditor of theirs defaults on their payments for goods supplied.

Given 2012 is a very uncertain year for the global economy coupled with the fact that many Australian Banks will not be able to source funding from the traditional european lenders, as many european lenders are not in a position to lend money. Hence the supply of funding to many small businesses will cease and hence this will place further strain of the operations of the many businesses operating here in Australia.

Its is now up to all business owners to be prepared and be in the best position to maintain ownership of their assets, before someone else does.


2 thoughts on “Australian Small Business has until 30th January 2012 to register legal interests

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