March/April has seen a significant rise in the number of registrations on the PPSR throughout the Sutherland Shire.
These include several types of registrations. Firstly many of our clients are now enjoying their new found status as Secured Creditors over their own clients. Being a Secured Creditor allows them to be paid first and in full before Unsecured Creditors, as long as the funds are available, should their client go into liquidation.
Also as Secured Creditors, if they have been paid within the last 6 months prior to liquidation they are exempt from Preferential Payment Clawback, meaning they get to keep all payments made to them, rather than have to pay these back to the liquidator.
Secondly and thankfully, many of our Hire businesses in the Sutherland Shire are now beginning to realise they need to register their plant and equipment or indeed any other ‘Identifiable’ item that they hire long term or for an indefinite time period in order to secure it’s return to them should their client or client’s client become insolvent. Some pieces of plant and equipment can be valued in excess of $300K! So it must be a comforting thought to know that for a $39 registration, your plant and equipment are secure should your client who has hired it becomes insolvent.