If you supply goods or assets, you could be putting your business at risk. The PPSR could be of benefit to you and reduce the risk.
PPSR stands for Personal Property Securities Register and is an online service account where you can register a legal claim to your personal property.
The register helps businesses and individuals protect themselves financially, reduce investment risk, gain access to credit, and make better-informed financial and purchasing decisions.
If you’re selling goods on credit, you’ve probably signed a contract establishing your rights to the property should the customer fail to pay. But what if there are other creditors waiting in line?
Registration puts you in a better position to recover goods, or their value, should a customer default, giving you priority over creditors who’ve not registered an interest, and those who register after you. Almost anything of value – excluding land, buildings and ships greater than 24 metres in length – can be used to secure the repayment of a debt.
As a ‘Secured Creditor:
You require a customer to sign a hire purchase, lease or trade agreement that includes retention of title clause. Registering a security interest in the property on the PPSR gives you a much better chance of recovering what you’re owed should the customer be unable to pay.
You’re looking for a used car, but you want to be sure there’s no money owing on it. A quick search of the PPSR can tell you if any third party has registered a security interest in the vehicle.
A customer with cash-flow difficulties asks your company for a loan, offering a vehicle or other goods as collateral (security). You can search the PPSR to see whether the customer has offered the same collateral to other lenders.
A customer wants to buy goods from you, but you have some doubts about their creditworthiness. To help you assess the risk involved, you can check the PPSR for any security interests registered against the customer’s property.
Our team can save you time and money by taking over this service for you. Here’s what we’ll do:
Thank you to business.govt.nz and The Companies Office for helping us with this great content.
Disclaimer: EC Credit Control does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.
Shane Murray6. November, 2024.My first time experience with EC Credit on debt collecting was a 100% successOffice DMD5. November, 2024.We would like to extend a big thank you to Lindsay and the team at EC Credit Control for their exceptional support and guidance throughout our recent experience with them. Their communication was always clear, prompt, and professional, making the entire process straightforward and hassle-free. The team demonstrated a deep understanding of our needs and provided excellent advice that proved invaluable to our business. We highly recommend EC Credit Control to anyone needing reliable and professional credit management services. Thank you, Lindsay, and the EC team for your outstanding service!Harriet Barber30. October, 2024.Lindsay Hill made the process easy and clear to us as first timers when it came to terms of trade. We feel more confident in business with this document and knowing we have his support when needed.Simon Ramage23. October, 2024.Lindsay has been very supportive and to assist us to ensure our credit control/ policies are updated and we are protected.Stuwart Ielemia1. October, 2024.Toni service is professional looks like you know everything fast and strait to the pointChé Henton26. September, 2024.Great service from Colin and the team at EC Credit Control, it's been a streamlined process and happy with our new Terms of Trade and the other bits and pieces we needed for our companyPeter Stables17. September, 2024.quick service, easy to access and load queriesAubrey Welsh17. September, 2024.Colin Keyse has been such a fantastic help in explaining why and what we should have in way of our TOT and customer credit forms and made the process so easy. Thank you
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