Small business and the PPSR


NARRATOR:
You’re a small business operator who has supplied stock to this store,
and you haven’t been paid. You arrive to fill their latest order, and find that the store owner
called in an administrator overnight. The doors are locked,
and your goods are inside. You sold those goods
on a retention of title basis, so, according to the agreement, that stock belongs to you
until the retailer pays you for it. The payment was well overdue,
but the doors are locked. What can you do? Most of my produce is in there. I’m just a local winemaker.
I don’t make much wine. I mean, I’ve got bills to pay, and…
This is unbelievable. I need to be paid for that wine
or to be able to get it back. And I’ve just found out
I’m not protected. The Personal Property
Securities Register, or ‘PPSR’, is a way of protecting your goods… I’m supposed to be paid today. ..anything from machinery to livestock
and more – in the event that a debtor
defaults or goes into insolvency. The PPSR offers additional protection for businesses
that lease or supply goods in the event that a debtor
defaults or goes bankrupt.

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