Law firm to offer property act help

By ADAM GIFFORD

Law firm Russell McVeagh has turned to the internet to handle the business it expects will be generated by the new Personal Property Securities Act.

It has created an online help system, PPSA Solutions, where clients can work through what they need to do to comply with the act.

Another new service, DOCSon, allows subscribers to create short, easy-to-use legal documents for a range of business transactions that don't necessarily need direct assistance from lawyers.

Lawyer Linda Widdup, who specialised in PPSA law in her native Saskatchewan, Canada, says the act will affect any individual or business who takes personal property as security when lending money or extending credit.

The act simplifies existing rules and provides for a central register of secured property.

Despite being passed in 1999, the act won't come into force until the first half of next year. A six-month transitional period will give secured parties time to re-register existing security interests in the new register and ensure those securities comply.

Ms Widdup says organisations know they have a lot of work to do "but they are having difficulty knowing where to start, and how to do so cost-effectively."

Tying up lawyers to explain the rules and oversee compliance isn't a good use of resources.

PPSA Solutions and DOCSon are a different proposition to the online document services offered by owlcentral.

"Ours is a virtual lawyer - it tells people how to comply with the PPSA and guides them through the decision-making process."

Access is by subscription.

Russell McVeagh business development manager David Lennane says the cost will depend on how much of the service firms use and the size of their organisation.

Links


Russell McVeagh

Owlcentral