Personal Property Securities Register – Transitional grace period for registrations transferred over to the PPSR finishes on 30 January 2017
January 10, 2017
When set up, the PPSR consolidated many public registers, such as the Registers of Encumbered Vehicles (REVs) and the ASIC Register of Company Charges.
In 2012, registrations that had been recorded on over 35 registers were automatically transferred to the PPSR – even if they didn’t include all field information required for a complete registration by today’s format.
Since then, a transitional grace period has existed in accordance with the Personal Property Securities Act 2009 (Cth). This ends for registrations that were migrated without an end date on 31 January 2017. Other migrated registrations will remain effective but only until their recorded end date.
What does this mean?
If you have any registrations that transferred across without an end date, your registrations may no longer protect your interests after 31 January 2017. Registrations that transferred across with an end date may have defective data which can negatively impact upon your right to claim secured property free of other security interests.
What you need to do
It is important to check details of your registrations to make sure they’re up to date and contain all the required information to be effective. This includes making sure that migrated registrations are recorded against your current secured party group. For more information on how to find and claim migrated registrations go to https://www.ppsr.gov.au/find-and-claim-your-migrated-registrations. There is no charge for checking and claiming migrated registrations.
When you have found and claimed your migrated registrations, you will be able to amend or renew or discharge them.« Back to news