The following pages will help you to become a secured creditor in the case of a builder liquidation, in some cases, this will put you inline above other secured creditors.
There are many companies out there who will rewrite your terms and conditions to ensure when you register your goods or services, it is done correctly.
The Personal Property Securities Register (PPSR) allows us to register our security interests over personal property.
It gives us rights if a builder or another party does not pay as per the contract or liquidates his business.
It gives us a level of protection from losses if a head contractor defaults.
Machinery is subject to PPSR and machinery should be registered - This is because up until PPSR there was no way of registering ownership of an item of machinery as you would a car. There were many cases of disputes over ownership of machinery.
Problems with PPSR
I have advice that there is a debt collector out there who is attempting to market a contract that purports to make you a secured creditor. They are ripping off subcontractors for an awful lot of money. The main problem with these arrangements is that even if the subcontractor can get the other parties to agree (the head contractor), the interest is instantly destroyed by other securities that were created first in time for example, the bank's security.
Effectively you are registering a floating charge over the builders personal property. It includes bank accounts, vehicles, stock, everything they own except land and buildings.
You need to attach a copy of your terms of trade, there are experts who will charge a fee to write your terms to make them PPSR compliant so click here to see advertisement on home page.
The clause in your contract negates the need to ask them to agree to .