PPSR Registration Removal Demand Letter
Why and what
Since the introduction of the Personal Properties Security Register (PPSR) in Australia, it is now commonplace for suppliers and hire companies to register security interests against their customers.
If you are in the construction industry, it is likely that anyone searching your business on the PPSR will find a long list of registrations - by suppliers, companies that loan you equipment and your financiers.
Problem is, a lot of smaller businesses do not go to the time or expense to remove their registration from your PPSR record once your dealings with them are complete. That means that the next time your financier or a potential financier looks at your record, it might be overwhelmingly (and concerningly) long!
Businesses like yours should take a regular stocktake of your PPSR record and seek removal of registrations that are no longer relevant or valid. Secured parties are obliged to remove registrations if they are no longer applicable and they absolutely must do so if you ask them to and they have no reason to leave the registration on the register.
Also, the Registrar of the PPSR in most cases will remove a registration if you can demonstrate that the registration is no longer valid and you have made a formal demand within the requirements of the legislation. There are strict requirements for how these demands are supposed to look, and where they need to be sent.
To assist businesses like yours, we have put together a straightforward PPSR Registration Removal Demand Letter that complies with the requirements of the legislation. You can use this demand letter and send it to any secured party that you believe should remove their registration from the PPSR record of your business. Our system asks you some straightforward questions and then populates the demand letter for you. You can also customise it once you have downloaded it. Clean up your PPSR record today with our easy to use demand letter.