| Personal Property Securities Register | |
|---|---|
| Agency overview | |
| Jurisdiction | New Zealand (and Australia in May 2011) |
| Parent agency | New Zealand Ministry of Economic Development |
| Website | |
| ppsr.govt.nz ppsr.gov.au |
|
The Personal Property Securities Register (PPSR) is an electronic register that allows security interests in personal property to be registered and searched in accordance with the New Zealand Personal Property Securities Act 1999[1] (the Act) and the Australian Personal Property Securities Act 2009.[2]
The New Zealand PPSR is maintained by the New Zealand Companies Office, an agency of the Ministry of Economic Development.
Contents |
The New Zealand PPSR is a wholly electronic register available to the public 24 hours a day, 365 days a year. It provides online searching, registration and maintenance of financing statements. The Australian PPS Register has plans to be available in early 2012.
The Act reformed the law relating to security interests in personal property and established the PPSR. The PPSR became operational on 1 May 2002. It replaced a number of existing registers including the Chattels Register, Motor Vehicle Securities Register and the Register of Company Charges.[3]
The PPSR is used by both secured parties (creditors) and consumers.
Registering a security interest on the PPSR may give creditors a better chance of recovering a debt if a debtor defaults.
The Act contains rules for determining priority between security interests in the same collateral (see section 66 of the Act). If a creditor does not register a security interest and a debtor is adjudicated bankrupt or is placed into liquidation, secured creditors will be prioritised when payments are made or assets distributed.
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, a creditor may search the PPSR to check whether they may pose a risk.
It possible for potential creditors to:
Consumers may also search the PPSR before buying an item of personal property to check that there is no money owing. This is particularly important if purchasing a second hand car privately - it is possible to search PPSR to check whether there may be money owed on the vehicle.
The PPSR also provides a SMS based search – called TXTB4UBUY – where one can conduct a search using a mobile phone for any financing statements registered against a motor vehicle.
As well as the PPSR, the New Zealand Companies Office is also responsible for the administration of the following registers:
The New Zealand Companies Office is a founding member of the Corporate Registers Forum (an international association of corporate registries) and is an International member of the International Association of Commercial Administrators (IACA).