Personal Property Securities

Lewis Kitson Lawyers provide comprehensive, tailored legal assistance for matters concerning personal property and security interests.

Our team of experienced professionals have the knowledge and expertise to identify potential risk factors and successfully navigate any complications that may arise during the process, helping to ensure a solution that serves the best interests of our clients.

We understand the importance of these matters and are committed to providing swift, reliable legal advice so you can rest easy knowing your personal property or security interest is safeguarded.

Lewis Kitson Lawyers can provide specialised legal advice and assistance in preparing and structuring General Security Agreements (GSAs). A General Security Agreement is an important document that allows lenders to legally secure all present and future assets of a particular business.

• It gives lenders rights over tangible and intangible assets like intellectual property, cars, shares, and business inventory.
• This type of security was formerly known as ‘fixed and floating charge’ before the PPSA legislation came into effect.
• The advantage is that it’s a way for lenders and borrowers to enter into an umbrella agreement that covers every asset of the borrower’s business, without listing each individual asset.
• Furthermore, the change means there is no longer a need to create a number of specific security agreements for individual assets and register each security agreement with the PPSR register.

Our personal property lawyers have the experience and expertise to help ensure that those relationships are managed in both an efficient and legally sound manner. Reach out to Lewis Kitson Lawyers for legal advice if you require assistance understanding or creating a general security agreement for your business.

Lewis Kitson Lawyers are highly qualified to provide specialised legal advice when it comes to Specific Security Agreements. This type of security document was introduced with the implementation of the Personal Property Securities Act (PPSA) and consolidates a broad range of documents, such as share charges, assignments and mortgages. Our team has a thorough understanding of the PPSA legislation and is experienced in this new class of security documents.

• Through a Specific Security Agreement, any lender can now secure their financial interest in certain assets such as leases or chattels.
• Specific security agreements are often favoured by lenders as they provide more protection compared to traditional agreements such as mortgages, assignments and share charges.
• In addition, specific security agreements must be registered with the PPSR register which provides all future lenders with notice of the original lender’s security interests.

Lewis Kitson Lawyers have a strong commitment to reliable service with clear advice, offering tailored legal advice for your specific security agreement requirements. Get in touch with our personal property lawyers to discuss your circumstances and move forward with confidence.

Lewis Kitson Lawyers is the perfect team to provide legal assistance and advice on general security agreements.

Crafting an appropriate agreement involves several key components, including:

• a grant of security interest
• delivery of the collateral
• obligations of the debtor or borrower
• the debtor or grantor’s representation, warranties, covenants and agreements
• the grantor’s rights to the collateral
• reimbursement of secured party
• termination conditions
• notices

Before you sign your security agreement, it’s best to seek legal advice if you have questions about restrictions, competing interests, enforcing security interests or complex business circumstances.

Our personal property lawyers can not only draft a legally sound agreement customised to your needs but also provide guidance to help ensure that all relevant clauses are included.

A security interest refers to an asset or property that a creditor has the power to exercise control over. In other words, security interests are something of value pledged to a creditor to secure a loan or debt.

If the debtor defaults on the repayment of their loan, the security interest would be used by the creditor as part of the security for their loss. This could include taking ownership of the security interest if required. Security interests can provide added security for creditors and allow debtors to gain access to additional funds they may not have had available before.

At Lewis Kitson Lawyers we understand the complexities of the law and provide strategic advice on registering securities under the Personal Property Securities Act 2009 – commonly known as the PPSA. We can assist you with the drafting of general security agreements and specific security agreements that suit your particular needs.

Personal Property Securities Act (PPSA) is a law that was legislated by the Australian Government to regulate personal property rights. PPSA creates a transparent legal framework for all parties involved in transactions and creates security interests over non-real property such as shares, cash, and motor vehicles.

The Personal Property Securities Register (PPSR) is a national online register that records all personal property securities in Australia.

The Personal Property Securities Register (PPSR) is an effective way to protect yourself and your assets when it comes to borrowing money. By registering any sort of personal property, such as a car or company assets, you are letting people know that they have security interests over those items.

Registering your security interest on the PPSR not only provides you with extra rights in relation to property should things not go as planned, but also gives you peace of mind knowing that you have taken measures to protect yourself and your personal property.

Lewis Kitson Lawyers can provide legal advice and assist in the registration of security interests on the Personal Property Securities Register (PPSR).

To properly register a general security agreement, you must complete a financing statement that outlines your security interest. Our law team has experience in helping clients with the necessary requirements for successful registration such as providing detailed descriptions that are specific to the items covered by the agreement and ensuring all required fees are paid for registration on time.

Speak to Lewis Kitson Lawyers today to take advantage of their expertise when registering on the PPSR and secure your interest in personal property.