For secured parties
A secured party is a person or organisation that holds a security interest for their own, or another's benefit. For example the person or organisation generally lending the money and holding the security interest.
When registering as a Secured Party Group, the secured party must specify certain contact details (an email address and fax number as well as a contact address).
Where the secured party is an organisation, they must also nominate a person to act on their behalf and they will also need to supply contact details (an email address and fax number as well as a contact address).
You will need a User ID
To search or register on the PPSR you must have a User ID and password (Logon). Your User ID and password are required to log on to the PPSR whenever you want to search or register a financing statement.
There is no charge for registering as a user. All services that require a fee are identified by a 'Pay Now' screen so you can decide whether or not to proceed. If you already have a User ID and password with the Companies Office you will be able to use this to access the PPSR. If you need to register as a user, choose the Get User ID option.
The Personal Property Securities Act 1999 imposes a number of obligations on secured parties. Here we describe some of the most important obligations.
There are a number of online tools available to secured parties to help ensure the PPSR is set up to work the way that you want it to, and to help you manage your registrations.
To register on the PPSR a secured party must register as a Secured Party Group (SPG).
A financing statement contains information about a security interest. The actual security agreement is not registered on the PPSR, in its place a notice of the agreement is registered as a financing statement.
A secured party is likely to search the PPSR as part of the processes leading up to entering into a security agreement.
A change demand is where a debtor, or other party with an interest in the collateral, demands registration of a financing change statement, to either amend or discharge a financing statement. In response, the secured party needs to decide whether to accept the change demand or to apply for a court order preventing the registration of a change.
There are a number of third-party providers that specifically offer searching and registration services for the PPSR.