Registering on the PPSR can help protect your financial interest in goods or assets sold on terms, leased or hired out, or accepted as security for a loan.
A financing statement supports an individual’s or organisation’s legal claim to goods, in the event that a debtor (buyer or borrower) is unable to meet their financial obligations.
If you're a secured party, to register a financing statement on the PPSR you must provide the following information:
- the term of the financing statement
- debtor details
- collateral details
- secured party details.
Each financing statement is assigned a unique registration number. A financing statement PIN, debtor PIN and verification statement are also generated, and emailed to the secured parties and the user who has registered the statement.
Notifications of any subsequent changes to the financing statement are also sent to the secured parties and the registering party.
The secured party is responsible for keeping the information in the financing statement up to date.