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.’’
Shepparton tennis prodigy Hugo Kearney will travel to Melbourne next month as the only regional player competing in the under-12 Australian Championships.
The Yarrawonga Mulwala Cricket Club has hosted the first ever ACA Masters contest at the Stan Hargreaves Oval in Yarrawonga.
There was a good turnout for Wednesday’s Remembrance Day service in Tatura, which saw a number of wreaths laid at the War Memorial, and the presentation to Brad Corken, of the Tatura RSL Spirit Award 2015, by president Robert Mathieson.
WHEN Kim Burns made the switch to special education after 20 years as a nurse, it was a big career change.
A GROUP of Rochester Secondary College students visited Bendigo last week to donate blood for the first time.
Bowls Club hosts 49th Victorian Country Masters Pairs
The Oriential Weatherloach has infested the Goulburn River.
The largest ever Strawberry Fields crowd turned out to enjoy the event on the Murray River at Tocumwal at the weekend.
AFTER the hottest October in Victoria since records began in the 1850s, it will come as little surprise that rainfall across the district was unusually low.
No, it won’t be Rudolph the red-nosed reindeer creating the Christmas lighting in Cobram this year, it will be Cobram couple, Ron and Kath Renfrew,
‘Peppinella’ development bigger than first planned
Watch and Act issued for Corowa and Wahgunyah near Rutherglen, urging people to leave now as conditions may worsen.
The News magazines are online - read high quality magazines in your time. Check in regularly for the latest editions.
Riverine Herald's well regarded locally produced magazines. They're now online, so you can read them whenever and wherever you like.
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.