The purpose of this notice is to remind industry participants that the Australian Government’s new personal property securities regime is scheduled to come into effect on 30th January 2012. This new regime impacts ownership of many assets. It is extremely important that all racehorse owners immediately become familiar with the impact this may have on the ownership of racehorses.
Example (based on an actual case):
In New Zealand (which has PPSA legislation in place) a horse trainer defaulted and was placed into receivership. A number of horses in his stables were seized. The owners of the horses contested the seizing and sought to have them returned. The Court found in favor of the creditor and the horses were sold in order to satisfy the debt. One horse was sold for in excess of $2 million, with none of the proceeds flowing to the owner.
This could have been prevented if the horses were registered on the PPSA register.
The default by the trainer was not related to his horse training activities.
For further information visit the PPSA Register via the following link www.ppsr.gov.au or for specific questions, email enquiries@ppsr.gov.au or telephone 1300 007 777 (130000PPSR).
For more information contact Gary Kairn, National Operations Manager, on 03 9227 3003.
