Have you properly secured your charge under the PPSA?
The PPSA is the register that you need to use if you want have security for a debt owed.
It is a national register which replaces the 20 or so register that existed before the PPSA.
The requirements are strict, the time lines are tight, and if they are not done correctly, then your security may not be enforceable over the asset.
When a liquidator is appointed, s/he will normally ask 2 questions upon appointment – what funds are in the bank account, and are there any PPSA registration that prevents the liquidator selling those asset for the benefit of unsecured creditors.
When we advise clients on what to expect in the event of liquidation we specifically look at the PPSA issues as a first priority.
Personal guarantees and DPNs (Director penalty notices) are also critically important.
You can use the PPSA for almost anything – some of the main examples are:
- Personal property that is used to secure payment or performance of an obligation
- Personal property that has been paid for in advance
- Personal property that is being used by and/or might be in the possession of someone else
- a transfer of an account or chattel paper
- goods being delivered under a commercial consignment
- a PPS lease
Irish Bentley Lawyers are experienced in registering securities under the PPSR, and have ensured we are completely up to date with recent Court decisions regarding same.
Please talk with us if you want to ensure your security is valid, if you need guidance on the registration steps, or if you just want advice on how to search for existing securities to protect their interest.