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How PPSA cuts across property rights
One of the most radical and controversial aspects of PPSA is how it can cut across ownership of assets and effectively deprive the owner of all rights. The Act introduces the concept of a "security interest" in assets and in many cases there will be a number of creditors (including the legal owner) with competing security interests in the assets.
Put bluntly - the creditor with the highest ranking security interest in the assets will be able to take possession of the assets, sell them and keep the proceeds. The owner may get nothing.
In this article, we examine the law in detail and put forward some practical suggestions on what you can do to protect your interests.