Are your PPSR migrated registrations defective?

Before the the Personal Property Securities Register (PPSR) commenced on 30 January 2012 almost 5 million registrations were migrated from existing state and territory registers including the Australian Security and Investments Commission (ASIC) Register of Company Charges, the Australian Register of Ships, the Fisheries Register, state and territory bills of sale registers, and the state and territory registers of encumbered vehicles.

Some of the PPSR migrated registrations were defective because when they were originally created they did not contain the information required by the PPS Act.

These details included missing grantor ABN’s, serial numbers or other identifiers.

The Personal Property Securities (Migrated Security Interest and Effective Registration) Determination 2011 ensured that migrated registrations remained effective, despite these defects, but only until the end time of the original registration or, if the original registration did not state an end time until 31 January 2017.

This temporary period of effectiveness was intended to give secured parties time to amend migrated registrations to PPS Act requirements.

Known issues included approximately 27,000 ASIC registrations with incomplete secured party details.

You can download the list here to check if you need to take action for your ASIC registrations before 31 January 2017.

Registrations migrated from other registers also need to be checked, if they have not yet expired.

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