Searches

Conducting Searches - in a Bankruptcy

Section 58 (5) Bankruptcy Act 1966makes clear that a secured creditor has the right to realise or otherwise deal with the security which has been taken, whether the secured asset is personal or real property. The definition of "secured creditor in s5 Bankruptcy Act includes a creditor whose debt is secured by a Personal Property Security Act (PPSA) security interest as long as the interest is perfected , as well as a creditor whose debt is secured by a mortgage, charge or lien over property of the debtor.

The Personal Property Securities Register (PPSR) is a national online register that records security interests created over personal property such as cars, boats or artworks (not including land or buildings, which are real property).

For a small fee you can perform a search which will provide you with a search certificate detailing the results of the search.

When searching the PPSR, It is recommended that you choose to email or view and save a search certificate, even if your search returns no registrations. Your search certificate is an official and legal copy of your search and there is no additional fee for issuing a search certificate.

When conducting an individual grantor search look at the information under the heading PPSR Registration Details on your search certificate.

A search on the PPSR will return one of two results:

1. There is nosecurity interestor other registration kind identified.
2. One or more PPSR registrations (of a security interest or other registration kind) is identified.

TIP: A registration number search is not a search of a motor vehicle's road registration plate number.

This search is for a 15 digit PPSR registration number and the search certificate will confirm the following details of the registration:

• Registration Details - PPSR registration number, start and end dates
• Collateral Details - information about the collateral and how the interest is held in the personal property
• Grantor Details - the person or organisation who offered the security
• Secured Party Details - the person or organisation that holds the interest
• Address for Service - details on how to contact the secured party
• History Summary - outline of amendments to the registration

A search certificate can be used as evidence in any dispute or legal matter.

Question 1. List any other searches ( do not include the search of the PPSR) that the Bankruptcy Trustee should conduct and why?