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The Australian Personal Property Security Register was due to commence in May, then October this year and now, will commence in early 2012. It will affect most businesses and it is worthwhile looking at the impact of these new laws as soon as possible. Financiers, Lessors and Suppliers will need to make sure that they do not lose their rights over assets which they have secured. Buyers will need to make sure that no-one else has an interest in the item they are buying.

The new register will replace most traditional securities including bills of sale and company charges.

So what should you do to ensure that you are not affected?

The cost of preparing legal documentation to turn a business into a franchised system is between $8000 and $20,000 plus GST .  This cost may be recovered by the sale of  franchises. Once the template documents are prepared the franchisee should pay the franchisor's costs to prepare and issue the documents, as well as the cost of negotiations. We set up franchise systems for clients throughout Australia. Please contact us for an instant quote.  The task of preparing this documentation is a routine legal engagement for us however it is a lengthy process where each step in the process must be respected. We can usually provide draft franchise documentation within 2 weeks of receiving instructions.

The cost and time involved is determined by the complexity of  the system, and the extent to which the client has resolved issues relating to the workings of the system.  For example if the franchise system relates to a home or vehicle based system, then the cost is generally not much more than $8000 plus GST. When it is necessary to incorporate procedures relating to retail shop leasing then this would normally add another level of  processes and cause cost increases.