PPSR Deadline: New Year, Old Registrations
Back in 2012 when the Personal Property Securities Act 2009 (Cth) (PPSA) came into effect, registrations from certain Commonwealth State and Territory registers were migrated to the then new Personal Property Securities Register (PPSR). Being a task of epic proportions, it was understandable that some registrations incorrectly migrated or were not migrated to the PPSR at all. The Personal Property Securities (Migrated Security Interest and Effective Registration) Determination 2011 (the Determination) sought to deal with these defective migrations by essentially allowing these security interests to remain effective.
The Determination provides, however, that defective security interest migrations will only be cured automatically up until 31 January 2017. The rationale was that 5 years should give sufficient time to security holders to ensure that their security interests had been effectively migrated.
With 31 January 2017 fast approaching, it is important that parties holding active and current security interests originally registered on any of the registers that appear on this list ensure that migrations to the PPSR was effective so as not to be caught out after 31 January 2017.
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