PPSR REGISTRATION – 31 JANUARY 2017 DEADLINE
By Kristy Mantzanidis (Solicitor Mahons Lawyers)
The Personal Property Securities Register (PPSR) commenced in January 2012. Security interests on more than 35 registers were migrated to the PPSR in accordance with the Personal Property Securities Act (PPSA) 2012. Transitional provisions allowed pre-existing security interests such as Australian Security and Investment Commission (ASIC) fixed and floating charges to be migrated across to the PPSR.
There are many additional fields in the new PPSR however that the previous registers did not contain. Importantly, there was a five year grace period to complete and amend any defects in the migrated registrations and this five year grace period to amend security details and ensure that each security interest is complete and correct expires on Tuesday January 31, 2017.
It is critical that if you are the holder of a security interest that migrated to the PPSR you check to ensure the migration was done and is complete by this deadline as any security interests that are not corrected by this date may lose their priority.
If you require any assistance with checking or updating your security interest please contact Kristy Mantzanidis of this office on 03 8877 6888.