DEADLINE: END OF PPSR TRANSITIONAL PERIOD
When the Personal Properties Securities Register (PPSR) was established current registrations recorded on a number of Commonwealth and State based security registers were migrated to the PPSR. Those migrated registrations were afforded a “grace period” in which to correct any errors or omissions that occurred as a result of the migration.
This grace period is due to expire at midnight on 31 January 2017. Any registrations that were moved across to the PPSR without an end date will become ineffective on midnight 31 January 2017 unless they are updated and/or amended to satisfy registration requirements. Failure to amend or update a registration by this deadline may result in a loss of protection over your interests.
What should I do?
If you have, or suspect you may have, a migrated interest on the PPSR that you have not yet claimed, you need to review and update and/or amend those registrations. This will necessitate a search of the PPSR to locate any migrated registrations. You will then need to ‘find and claim’ those charges and complete the required amendments.
If you would like further information on the operation of the PPSR generally, please refer to our earlier articles. If you need assistance to review and/or update your registrations or find out whether you have any unclaimed migrated registrations, please contact our office without delay, noting the deadline is looming.