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Ledge provides free Information Sessions to assist Clients with new law impacting on Asset Ownership
July 19, 2011
The implementation of the federal government's Personal Property Securities Act in October this year is very likely to impact upon your business.
"If you hire or lease out equipment, provide goods on bailment or consignment or incorporate retention of title clauses in your terms and conditions of sale, you will be affected," says Pieter Bergshoeff, Ledge's General Manager Sales & Distribution.
"Business owners will need to change the way they think of their ownership or title to goods or equipment.
"To continue to protect that ownership or title, where they sell goods or grant an interest in the goods to another party (under a hire agreement for example), they may need to register their interest in the goods or equipment on a national register (the PPSR)."
Despite the complexity of the legislation, its practical impact can be minimal - provided business owners understand how the PPSA is going to affect them, make a commercial assessment of that impact and adopt registration procedures where necessary.
However, recent discussions with clients have revealed that many are unaware of what the PPSA legislation may mean to them and their businesses.
"In our view there is considerable potential risk for those who ignore the PPSA; equally, there can be significant benefits for those who understand and adopt it," says Pieter.
"Ledge will be arranging client information sessions to assist both our current and prospective clients gain a better understanding of the impacts of this legislation, and to ensure they are appropriately prepared prior to its introduction in October."
If you are interested in attending one of Ledge's information sessions please contact your Ledge Finance Executive, or Pieter Bergshoeff via email pieter@ledge.com.au, or phone on 93241777 or mobile 0434773134.