31 January 2017 is the 5th anniversary of the Personal Property Securities Act 2009 (Cth), and the end of the grace period to review and update migrated registrations from other public registers such as the Australian Security and Investments Commission (ASIC) Register of Company Charges, the Australian Register of Ships, the Fisheries Register, State and Territory Bills of Sale Registers, and the State and Territory Registers of Encumbered Vehicles.
Who should take action?
The holder of a registered charge or interest created before 30 January 2012, which should have been migrated to PPSR.
In particular, the chargee of a fixed or floating charge which was registered on the Register of Company Charges.
Why should I take action?
The migrated registration details from the old public registers may not have all prescribed information under PPSA. The migrated registration may no longer ensure your interests are protected, and the security interests may become unenforceable.
What should I do?
The security holder will need to identify and review its registration details on the PPSR, and update the registration in accordance with the requirements of the PPSA before 31 January 2017.
If you need any assistance or have any questions in respect to your PPSR registrations, please contact:
Toby Carter, Partner firstname.lastname@example.org
Chao Deng, Associate, email@example.com