The Personal Property Securities Act 2009 (Cth) ("PPSA") and the associated Personal Property Securities Register ("PPSR") will commence on 30 January 2012.
The PPSA will replace 40+ existing registers, including the ASIC Register of Charges, with a single national register known as the PPSR that will be managed by the Insolvency and Trustee Service Australia ("ITSA").
Registration
The final day ASIC will accept or process charges will be Friday 27 January 2012.
From 30 January 2012, the Australian Register of Company Charges will be closed and all security interests over companies must be registered on the PPSR.
Charges currently registered on the ASIC register of charges will be transferred to the PPSR. However, provisionally registered charges will not be effectively registered on the PPSR when the charges migrate. Instead provisionally registered charges will only be granted 'temporary perfection' for a period of 24 months after the PPSR commencement date. As a result, those charges will need to be re-registered on the PPSR within the 24 month transitional period to be effectively registered.
Thynne & Macartney can help.
Thynne & Macartney is able to guide and assist our clients in navigating through the risks and compliance issues associated with the PPSA. We can offer general PPSA advice and advice on specific issues of concern. If required we can have a member of our team attend your workplace to conduct a PPSA seminar specifically tailored to your business needs.
If you believe your business may be affected by the PPSA or that you may have security interests which require registration on the PPSR please contact Amanda Bull.
To download this news bulletin, click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
