BIIA member Veda has been at the forefront of the information services industry for many decades. The launch of the federal government’s Personal Property Securities Register, signals a new era for businesses and consumers across Australia. The PPSR brings significant changes to existing Australian business practices, from commercial lending and trade credit, to leasing, legal and professional services.
The PPSR will impact day to day business processes, documentation, systems and the management of risk. The PPS Register consists of a list of assets and has functions to register, search and maintain asset information. “The PPSR brings great opportunity, but organisations need to ensure that they understand the changes to their business practices. By registering your security interests on the PPSR, your business will be at a lower risk from the bad debts of partners and suppliers. And, it will better your business’ position in the list of creditors in the event of insolvency or liquidation. Registering your interests on the PPSR should be an integral part of good practices in credit management and will help protect your business,” explains Moses Samaha, Head of Commercial Risk at Veda.
Source: Veda Australia