The Personal Property Securities Register commenced today, 30 January 2012.
Security interests which were previously registered on the following registers were migrated to the national PPS Register:
Commonwealth
•Australian Register of Ships (mortgages only)
•ASIC – Register of Company Charges (including provisional charges)
•Fisheries Register
New South Wales
•Register of Encumbered Vehicles (REVS NSW)
•Security Interest of Goods Register:
•stock mortgages originally registered under the Liens on Crops and Wool and Stock Mortgages Act 1989
•Bills of Sale from 1 January 2000
•current crop mortgages and all other interests registered under the Security Interests in Goods Act 2005
•Register of Co-operative Charges
Queensland
•Register of Encumbered Vehicles (REVS Qld)
•Bills of Sale Register (including Register of Liens on Crops of Sugar Cane)
•Register of Co-operative Charges
South Australia
•Vehicle Securities Register
The following registers maintained by the General Registry Office:
•Bills of Sale Register
•Stock Mortgages and Wool Liens Register
•Liens on Fruit Register
•Register of Co-operative Charges
Tasmania
•Register of Vehicle Security Interests
•Register of Bills of Sale, Stock, Wool and Crop Mortgages and Co-operative Charges
Victoria
•Vehicle Securities Register
•Register of Liens on Wool and Stock Mortgages (stock mortgages only)
•Register of Co-operative Charges
Western Australia
•Register of Encumbered Vehicles (REVS WA)
•Bills of Sale Register
Australian Capital Territory
•Register of Encumbered Vehicles (REVS ACT – from REVS NSW)
•General Register of Deeds and Instruments
•Register of Co-operative Charges
Northern Territory
•Register of Interests in Motor Vehicles and Other Goods (REVS NT – from REVS NSW)
•Lands Titles Registration and General Registry Office (Bills of Sale and stock mortgages)
If your existing security was on a register but was not migrated you have 24 months to register it on PPSR.
Any new security interests must be registered on the PPS Register to have priority against other creditors.
You can also now register many security interests which were not previously registrable eg reservations of title or equipment leases.
If you are a business which supplies goods on credit or provides credit for the purchase of goods and you are not sure whether you have a security interest which can be registered contact Bright Law for further information.
