Small businesses have been urged to secure assets and business loans ahead of an anticipated increase in insolvencies this year.
Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said small businesses need to secure their assets through the Governments Personal Property Securities Register (PPSR) in the event of an insolvency.
Operating under the Australian Financial Security Authority, the PPSR is the official government register of security interests in personal property, or loans that have been secured by personal property. The agency works as an online noticeboard where properties like cars, company assets, boats, used goods and intellectual property can be secured.
Given the incredibly tough past 12 mo…
Read the full article at: https://www.crn.com.au/news/smbs-urged-to-secure-assets-loans-ahead-of-insolvency-explosion-560472