Firm News
Director Appointed to Medical Board
Michael Cowley, Director
Fox and Thomas St George Director Michael Cowley was recently appointed to the South West Queensland Medical Board.
This appointment is fitting recognition of Michael’s long term commitment to and knowledge of the region where he lives and works.
We are confident this return to provide local input into the operation of medical services in our communities is the right step and something we are proud to be part of through Michael’s involvement.
PPSA – Seminar draws interest
Nicola Reid presents the PPSA seminar
Fox and Thomas recently ran a briefing seminar for around 35 local advisors and business people on the changes the face under the Personal Property Securities Act (PPSA). Speaking to an audience comprising representatives from local banks, real estate agencies, accountants, bookkeepers and the farming industry, solicitor Nicola Reid outlined the potential impacts of the new law and provided examples of how the PPSA will apply.
Nicola said, “Its possible that the personal property of many commercial and farming businesses could be at risk.”
“If you have an interest in personal property, which does not include land, fixtures to land, water rights and statutory licenses, and you have not registered your interest on the Personal Property Securities Register then it may be at risk.,” she said.
Some examples provided by Nicola of transactions where the PPSA may apply include:
- if you supply goods to a customer before receiving payment;
- have assets located on another person’s property;
- or rent, lease or hire goods to others.
“These assets are potentially at risk. In a sense the old saying, “possession is nine tenths of the Law” has become more accurate as legal ownership of personal property has changed,” Nicola said.
“Personal property includes, but is not limited to, livestock, plant and equipment, crops, motor vehicles, boats, receivables and paintings.
“It may sound strange but where significant risk arises is when another party ends up in liquidation. In the process of liquidating assets, the liquidator will seize all assets of the bankrupt party, which may include yours. In some circumstances you may be able to get your assets back, but it may not be without significant cost and delay.
“The way to avoid the headache is to register your interest.
“Examples of potential risk are cattle on long term agistment on someone else’s property or a harvest contractor’s header stored in the off-season on someone else’s farm. In both of these cases if the land owner goes into liquidation, you could potentially lose your property.
“It is not all bad news. The PPS Register replaces virtually all State and Federal registers of security interests. It also brings us into line with other countries such as NZ, Canada and the US who have consolidated their registries. In our case it replaces 40 different registers.
“In many cases it will provide greater security for those who use the register. For example, farmers storing bulk grain in other peoples facilities or sharefarmers who want security over a crop.
“Like many new systems it will take time before the Register is working like a well-oiled machine”, Nicola explained.
“However, your best and easiest course of action is to register any relevant security interests. We recommend that you contact your advisor for professional advice.”
A copy of the powerpoint presentation is available here: PPSA presentation March 2012
Fox and Thomas Hosts Business After Hours
Fox and Thomas recently hosted a Business After Hours Event for the Border Rivers Chamber of Commerce.
It was a real pleasure for us to have so many local businesses come into our Goondiwindi office for the evening.
(LtoR): Michael Cowley (Fox and Thomas), Tim Herden (Fox and Elder), Norman Fox (Fox and Thomas).
(LtoR): David Sloss (George Sloss & Co First National), Phil Sloan (Cargill Cotton), Lea-ann Amos (Suncorp), Claire Osborn (Fox and Thomas)
(LtoR): Richard Hawker (Fox and Thomas), Matthew Tonkin (Brennan & Cummins), Tim Flint (Rebel Media)
(LtoR): Di Elder (Fox and Elder), George Sloss (George Sloss & Co First National), David Elder (Fox and Elder)
