PPSA question

Apologies if this has been asked or answered elsewhere I've tried to search but can't find anything.

The Personal Property Securities Act came in this year and my accountant has advised it may be something I need to look into. I don't want to pay $600 hr by ringing my solicitor when I'm sure some of you learned folk can answer my questions for free. :)

I have ownership of 6 standardbred horses (1 x 100%, 5 x various percentages ranging 15-75%), 5 are in training and 1 is a broodmare. There is no finance on any of the horses and therefore no interested parties.

My question is do I need to register these horses on the PPSA register despite the fact I have not leased them to anyone and have retained ownership of the horse? If my trainer goes broke and the banks come in and seize everything on his property, are my horses going to be at risk of being seized and sold by the banks? I would understand if I was leasing the horses to him, I'd need to register, but this is not a leasing arrangement.

Having said that.....the trainer is a co-owner in a couple of the horses albeit only minority shares of between 10-25%.

I'm guessing when there is a multitude of owners you would need to register only your share in the horse?

And what about if I own a horse 100% and I give it to a trainer to train for me and the trainer goes broke.....should I have the horse registered in a situation where I own 100% of the horse?

What about if you have sent your horse to an agistment property and they go broke? Can the banks come in and claim all the horses in the paddocks regardless of who legally owns them?

Any info is appreciated. Thanks in advance.

G'day Barry, Strong Persuader raised this issue a few months ago and Norman S and Teecee contributed to same. I am sure you will find it helpful.

http://www.harnessracingforum.com/sh...Securities-Act

My understanding of an email that came around work today was......book an appointment with me and I'll tell you, $599 per hour BARGAIN!

No here is some friendly, non-professional, advice... it is my understanding that you should register your horses on the PPSR if you intend to have them in anothers care (eg training, agistment) for longish period (eg over 90 days). If the person who's care they go are in go under, well your horses are at risk. It is about possesion, and not ownership (as ridiculous as that is!). Even though you might own the horses (100%, no loans, partners etc), if another has possession your horses can be taken off them.

Eg if I sent a horse I owned with a family member to Luke McCarthy to train (the most talked about trainer on this forum, hence I chose him) and McCarthy was having assets seized by the bank (or whoever), the bank would be entitled to take my horses.