The new Federal PPS ACT 2010 legislation has changed forever the way all Australian companies must approach Debtor Asset management, especially Credit Application Forms, management of Personal Guarantees and Charges, Retention of Title, and several other issues.
Debtors are not obliged to notify you of such changes unless the obligation is stated in your Terms & Conditions, and the debtor (Grantor) agrees they will not without notice change name or initiate changes to any registered documentation.
Any/all such future changes may warrant you updating or re-registering your PPS, for a fee, so, it is absolutely critical that you track changes such as to your debtors’ Company structure, Company name, Directors, Addresses, contact names (amongst others).
Not doing so will affect security of any PPS supplied to the Register.
How can you track such changes?
DMS Company Monitoring Service is the one critically important, yet inexpensive way to track changes that fundamentally affect the investment in your Debtors, such changes suggesting you must immediately update your security.
If DMS already monitor some of your accounts please consider whether the service should be expanded to include all your accounts. To discuss this, or for more information on DMS’ Company Monitoring Service please ask for Information on DMS Monitoring Service.
