A Shepparton accountant is concerned people are not aware of a government law to protect businesses that lease or seel assets to companies that are then liquidated.ASHLEIGH WILLIAMSON February 15, 2013 8:50am
A Shepparton accountant is concerned people are not aware of a government law to protect businesses that lease or sell assets to companies that are then liquidated.
Brown Baldwin Accountants director Matthew O’Bryan said the Personal Property Securities Act was officially introducted in January last year.
Mr O’Bryan said the law insured business assets if a company was liquidated and could not pay for items bought or leased.
He said the law also applied to people who leased or sold an asset.
‘‘It’s anything that’s tangible, other than land,’’ he said.
Mr O’Bryan said the asset protection was not being used enough.
‘‘I went and told people who aren’t clients, just business people around Shepparton, because .
‘‘A lot of companies are financially doing it tough at the moment, so it’s probably an environment where they do need to protect themselves.’’
Mr O’Bryan said businesses or people needed a written agreement and to enter details of an asset lease or sale on the Personal Property Securities Register to access protection.
‘‘That might just simply be terms and conditions or it might be an actual agreement — they need to sign something,’’ he said.
‘‘It’s a small cost. Depending on what someone is doing, it can be $10, $20, $30.’’
Mr O’Bryan said businesses and liquidators needed to be educated about the law.
‘‘It can save a business,’’ he said.
‘‘I think part of it is that people, by nature, think that if someone sells something to someone, they still own it until they get paid. It’s not the case.’’
Mr O’Bryan said not accessing the protection had an increased impact on businesses in country towns.
‘‘In metropolitan (areas), it’s probably more transactional .
‘‘It sounds harsh, but there’s probably a little bit too much trust in some situations.
‘‘I’ve seen it before where one company isn’t protected and goes down, which then has a severe impact on the next one.’’
Police are asking for information about an assault in Shepparton that left a man with serious facial injuries and broken bones last month.
The 2014 Yarrawonga Mulwala Multisport Festival has been hailed a huge success by organisers and participants alike.
The fifth annual King Billy Retreat Open Garden Party will be held at Rushworth on Saturday and Sunday, October 25-26, from 10 am to 4 pm.
Emily Umbers has been helping members of the Maasai community to get a toilet.
St Joseph’s Primary School students took part in an extended after-school stay.
Fraser sure has aces in spades
A great day brought big numbers to Station St in Seymour.
Finley's Mark Whiley has been traded from the GWS Giants to Carlton - the club he has supported all his life.
Nominations are being sought for the annual Axedale CWA community youth award.
Access to Ulupna Island has been blocked at key points, leaving local residents and businesses rallying for a re-opening in a bid to save tourism dollars.
Deniliquin McDonald's raised more than $1300 for McHappy Day on Saturday.
Up to14 new full-time jobs will be created at Pactum Dairy Group in Shepparton, with the company set to embark on an $18million expansion at its factory.
Alma Nungarrayi Granites is the most successful of the Warlukurlangu artists who still live at Yuendumu and enjoys teaching children about aboriginal culture and art.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.