Business Advisory Services – Personal Property Securities Register
Business Advisory Services Updates
The consequences of not registering on the Personal Property Securities Register can be very expensive.
Risk management is very important for every business and one of the major risk categories that accountants can assist clients on is an awareness of the Personal Property Securities Register.
Every business should develop a policy of registering customers on the Register so that the business has some protection in the unfortunate event that a customer has an insolvency problem.
Businesses, which are undertaking contracts with other organisations that relate to services being provided over an extended period of time with progress payments being made, can have a significant problem if their customer has a liquidator appointed and the liquidator issues a claim relating to alleged preferential payments.
If the business has registered that customer, there is very little opportunity for the liquidator to be able to make a successful claim against the business.
