If you have registered security interests recorded against personal property (goods or assets) that were transferred over to the Personal Property Securities Register (PPSR) when it started in January 2012. To ensure they’re still effective—or to remove them if they are no longer required—you should follow the process outlined below.
The grace period for registrations that were transferred over to the PPSR finishes on 30 January 2017. Take action now to make sure they’re still effective.
The PPSR replaced many other public registers, such as the Registers of Encumbered Vehicles (REVS) and the ASIC Register of Company Charges. Registrations recorded on over 35 registers were automatically moved over to the PPSR on 30 January 2012.
A grace period, allowing time for users to update these registrations to meet the requirements of the PPSR, ends on 30 January 2017.
What does this mean?
If you have registrations that were transferred without an end date, across to the PPSR when it started in 2012 and you don’t take any action, your registrations may no longer protect your interests.
Businesses and consumers use the PPSR every day to help make financial decisions. It’s essential that information held on the PPSR is correct. Otherwise your financial interests could be at risk.
What to do
If you have registrations that were transferred over to the PPSR, review the details of these registrations to make sure they’re up to date and contain all the required information to be effective by ensuring you:
Complete this before 30 January 2017.
This is a good time for everyone who has a registration on the PPSR to make sure it’s correct and up to date. Don’t get caught out thinking you’re protected if you’re not.
What is the PPSR?
The PPSR is a national online noticeboard of security interests in almost anything of value—except for land, buildings and fixtures. For example:
Where to get more information Our website has more information. Go to www.ppsr.gov.au.
You may also want to see your accountant or business advisor for professional advice that suits your circumstances.