The liquidators of ‘Kar Land Pty Ltd trading as ‘We Buy Any Cars’ have confirmed the position of unpaid sellers who have not registered their security interest on the PPS Register has not changed:
Customers – who have sold cars to the company
We understand that there are a number of people who have sold cars to the company and have not been paid. With the liquidation of the company, your claim will be a ‘unsecured debt’ in the company. Please note that regrettably you do not have the right to reclaim your car, only an entitlement to a dividend in the liquidation.
Whilst businesses are slowly getting the message that a retention of title security interest must be registered on the PPS Register (for example WOW Sight and Sound), consumers are even less prepared.
According to the Courier Mailabout 1200 consumers across the country are collectively owed more than $3.6 million.
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Posted 28th August 2012 by admin in Legislation, PPS register