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Is registering a security interest on the PPSA enough to

Customer Question
cause you to be a...
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: 10 months ago.Category: Australia Law
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Answered in 8 minutes by:
1/10/2017
Solicitor: Leon, Solicitor replied 10 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,064
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

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Customer reply replied 10 months ago
OK, what is the answer?
Solicitor: Leon, Solicitor replied 10 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

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Solicitor: Leon, Solicitor replied 10 months ago

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

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Customer reply replied 10 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 reply replied 10 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.
Solicitor: Leon, Solicitor replied 10 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.

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