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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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Is registering a security interest on the PPSA enough to

Customer Question

Is registering a security interest on the PPSA enough to cause you to be a secured creditor, or do you also have to register with ASIC?
JA: What state are you in? It matters because laws vary by location.
Customer: Queensland
JA: Has anything been filed or reported?
Customer: Not yet, we are going to register an interest and want to know what is the easiest way to do so that is robust.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No.
Submitted: 2 months ago.
Category: Australia Law
Expert:  Leon replied 2 months ago.

My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

Customer: replied 2 months ago.
OK, what is the answer?
Expert:  Leon replied 2 months ago.

Good Morning.

If you have a right to register on the PPSA you are secured over the business but you have to have a right signed by the owners of the business

You do not do anything at ASIC

Expert:  Leon replied 2 months ago.

If you have nothing to authorise the registration you cannot register on the PPSA

Customer: replied 2 months ago.
That is not helpful. We have the paper that acknowledges the debt. The question is: does JUST registering it on the PPSA cause the interest to be secured, or do we also have to register it with ASIC?
Customer: replied 2 months ago.
To be clear: We are authorised to register a security interest. Now, the question is, how is the easiest way to go about it that results in a robust registration that creates a security interest.
Expert:  Leon replied 2 months ago.

Good Morning.

A PPSR registration is like a mortgage. The owner of the assets gives you the right to register.

Here is the link that you use to register the interest.

https://www.ppsr.gov.au/register-security-interests

There is nothing to register with ASIC they do not get involved with debts.

If they are trading insolvent you can notify ASIC and they will investigate but they will not register a debt.

I hope this makes sense and is clearer.