Entering Secured and/or PPSR Creditors

* You cannot import secured creditors into insol6 as they need to be linked to assets.

A secured creditor has a ‘security interest’, such as a mortgage, over some or all of the company’s assets.

The Personal Property Securities Register (PPSR) allows creditors to claim a security or debt against a specific asset during the normal course of business before an insolvency practitioner has been appointed.

(You can search the PPSR to find out if anyone holds a security interest (other than a mortgage over land) in the company’s assets)

Entering a Secured Creditor

It is possible to either:

• Enter a security and allow the claim to be calculated automatically; or
• Tick Manually Enter Claims and manually enter the exact amounts applicable to fixed and/or floating charges.

1. Click on Financials -> Creditors. Double click on Secured Creditors, then click Add Creditor
2. Type the creditor’s name in the Name field to search and press Enter once you have located the Counterparty you want. Double-click the creditor name or press Enter
3. Go to the Claim tab. Enter the amount as the ROCAP amount and Adv / Est amount as the screen shot above.
4. Click on New Security and enter the details. Note: If you have already entered assets in, then you can just choose these from the list. 

Entering a PPSR Creditor

Where you have identified a creditor that holds a valid security over an asset, you may enter a PPSR claim using the following method:

Enter the asset subject to the charge

1. In the Assets Register, double click into the asset class Assets subject to Specific Security Interest and click New Asset for the Asset capture form to appear:

1. Fill out the details in the new asset form, then click Add and enter the details as required. Once all the details are entered, click save and exit or save and new to enter another asset.
2. 

An alternative way to record PPSR creditors

An alternative for tracking PPSR creditors is to make a separate account under unsecured creditors. This may be a situation where you need to assess whether that a PPSR claim is correctly registered.

Note: You cannot transfer an unsecured claim from unsecured to secured. You can transfer a secured claim to unsecured.