As discussed in previous articles on our website (click here to revisit), the AG Department has now set a target date of 30 January 2012 for the “go live” date of the Personal Property Securities Register. This means all transactions likely to be effected by the new legislation which are entered into on or after 30 January 2012 will need to be registered with the PPSR online portal. Transactions entered into prior to 30 January 2012 that have been registered with other bodies (such as the ASIC charge register) will be automatically migrated over to the new register. Transactions which have been entered into prior to the registration commencement date of 30 January 2012 but have not required registration of any kind until now (such as retention of title provisions) will have a transition period of two years. During this time any security interest created by these transactions will be deemed to have been “perfected”.
If you have entered into such a transaction and it is likely to continue or remain in place for longer than the transition period, you should register that interest sooner rather than later. As for transactions entered into post 30 January 2012, they should be registered upon their creation. For tips and hints on registering a security interest, please refer to the following Youtube tutorials issued by the Attorney General’s Department:
For more in depth guidance on any of the above topics or for assistance in reviewing your current or proposed transcation documents (including securities, terms of trade or retention of title documents), please contact us