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As you are now aware, the Personal Property Securities Act
("PPSA") and the Register it established, kicked off on
30 January 2012. Under the PPSA, data held on certain registers
that had previously recorded security interests in personal
property- such as the ASIC register of charges - had to be
"migrated" across to the new, national PPS Register (the
"PPSR").
Security Interests on the Move
The process of migrating the information from numerous registers
into one single database was both complex and time consuming.
The PPSA has certain rules about what information is to be
recorded in the PPSR and in the process of migration, not all of
this information may have been captured or transferred across to
the PPSR.
An example of this is a PPSR search showing no Australian
Company Number (ACN ) recorded for the Secured Party, or one in
which the name of the Secured Party has been omitted for a
particular security interest registration.
Find and Claim Process
As a result of the difficulties encountered during the migration
process, a 'Find and Claim' process has been set up to
allow you to search the Register, identify your security interests
as a secured party and claim them as yours.
As a starting point, it is advisable to open up an account with
the PPSR and set up a Secured Party Group (SPG) on the register
with your correct details. You can then apply by email to enquiries@ppsr.gov.au for
the ability to undertake a 'find and claim' to
locate your migrated security interest on the Register within the
catalogue of migrated interests.
It then becomes a matching exercise to identify and claim your
migrated security interest, and allocate them to your personal
SPG.
Why bother with a 'Find and Claim'?
There are a number of reasons to carry out this exercise:
By correctly claiming your security interest, and correcting
any errors in the data, you will help to maintain the overall
accuracy and integrity of the PPSR;
It avoids anyone else claiming your registered security
interest as their own down the track; and,
It allows you to effectively deal with your security interest
such as by way of amendment or discharge.
So be proactive ... seek, find and claim.
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.
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