If you thought PPSR registrations were simple, then think again. Making a mistake during registration can cost you a lot. There is no place for innocent and simple mistakes during PPSR registrations. This is because the process is quite common. Based on several audits carried out over hundreds of businesses, it has been found that more than 80 percent registrations have serious errors in them which has invalidated or limited the security interests of the company. For instance, the claims made by businesses were invalidated in several cases because number 8 was entered instead of C as the VIN. Claims have also been invalidated if the companies failed to tick the PMSI box while registering on the PPSR portal.
Companies have realized their mistake only while trying to recover the property from an insolvent customer only to figure out that their claim was worthless owing to invalid or incorrect registration. You can expose your business to significant risks by committing such grave mistakes. If you are not sure of what you are doing, then you can trust the task to a PPSR expert rather than subjecting your business to any risk. There are many firms or individuals who dedicate helping businesses regardless of their size with PPSR registrations. They are aware of what they need to look out for and know how to register your property accurately on time.
Several businesses have taken the entire PPSR process too lightly which has only resulted in their claims getting invalidated. Here are some common mistakes that you need to avoid while registering your property on PPSR portal.
The most common errors made by people as well as businesses is the identification of the grantor. You may identify a company with ABN instead of CAN or you may identify a sole trader by ABN instead of their name. You may also go wrong with identification of a trust by a trustee or name when they have their ABN in place. You may also at times wrongly identify other organizations as charities or clubs.
You may select incorrect collateral class while registering or while searching for information using the PPSR portal.
People commonly go wrong while registering or searching for serial numbered goods such as watercrafts, aircrafts or motor vehicles. Consumer goods have to be registered with serial number only. Any error in the number can turn the registration invalid.
You always need to rely on an expert when in doubt. This is going to save you from committing grave mistakes during registration that can cost you a lot. There are several experts who have been advising businesses on PPSR and PPSA since their inception. You can also get your audits reviewed over existing registrations and get the mistakes rectified. Getting expert help becomes necessary when you have numerous registrations to carry out. It is in the bulk registrations where businesses go wrong at times. Contact an expert to help you sail through the entire process in a hassle free manner.