The final transitional period provided under the Personal Property Securities Act 2009 (Cth) (PPSA) is now coming to a close.
This grace period for migrated registrations without an end date finishes on 30 January 2017.
The transitional period was intended to provide time for secured parties to review and update registrations that were migrated to the Personal Property Securities Register (PPSR) on 30 January 2012.
The PPSR replaced over 35 other registers, including the ASIC Register of Company Charges and state based Registers of Encumbered Vehicles. Information migrated from the previous registers may have been incomplete, or fails to meet the requirements under the PPSA, so it is important to review your registrations to ensure they are effective, and protect your interests.
The Australian Financial Security Authority (AFSA) has prepared a number of communications to advise secured parties about the end of the transitional period.