As part of the transition to the PPS Register the ASIC Register of Company Charges and all State REVS and Bills of Sale, Stock, Crop and Goods Security Registers and the AMSA Ship Mortgage Register will be closed from close of business (approximately 5pm local time) on Friday 27 January 2012.
As from 1am on 30 January 2012, searches for, or lodging, security interests in personal property (which includes most forms of security other than real estate, whether granted by companies or individuals) will be conducted on the Personal Property Securities Register.
The PPS Register will be a national online service and accessible to search and register security interests 24 hours a day, seven days a week.
Failure to register a security interest on the PPS Register may result in loss of priority for the secured party if the grantor becomes insolvent or gives a competing security interest to another party.
There will be no search, lodging or amendment facilities from the close of business on Friday 27 January 2012 until the PPS Register opens on Monday 30 January. All registrations in the ASIC and State Registers to that time will be migrated to PPSR.
All REVS and encumbrance checks for transactions on the weekend of 28-29 January must be conducted by 27 January.
ASIC has announced that its final day for accepting and processing charge documents will be Friday 27 January 2012.
To ensure your lodgements are processed ASIC is encouraging parties to lodge early in the final week. If your charge documents are not registered with ASIC by the close of business on Friday 27 January 2012, you will need to register the charge with ITSA.
All current company charges will be migrated to the new PPS Register. If your charge was registered provisionally with ASIC, it will be transferred to the PPS Register. However, ASIC has advised that after this transfer, the provisional charge will need to be registered on the PPS Register within 24 months to retain the original creation date.
All historical charge information e.g. charges that have been satisfied prior to 30 January 2012, will remain on the ASIC register and will be available for searching for 7 years. Therefore, after the Australian Register of Company Charges has closed, customers may need to search both the PPS Register and the ASIC Register to get the full history of charges for a company.
