Authority Updates - National - November 2016

Personal Property Securities Register (PPSR) end of transitional period

The final transitional period provided under the Personal Property Securities Act 2009 (Cth) (PPSA) is coming to a close. 

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 from other registers, 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, you will need to check whether this is correct and if so, review the details of these registrations to make sure they're up to date and contain all the required information to be effective.

How to do this for CLAIMED registrations

  1. Log in to Search Manager (https://login.property.saiglobal.com/servlet/CSMLogin)
  2. Navigate to Personal Properties Securities > Registrations & SPG Management menu under the Commercial & Personal Tab
  3. Select Current Registrations for Secured Party Group within the Reports quadrant, to show all of your registrations 
  4. Verify information - ensure all your registration/s have an end date (if required) and contain any other required details to be effective 
  5. Return to Registrations & SPG Management menu, use functions under Registration menu to Amend, Transfer or Discharge registrations.

Complete this before 30 January 2017.

How to do this for UNCLAIMED registrations

Follow the instructions listed on the PPSR website 'Find and Claim section' - https://www.ppsr.gov.au/find-and-claim-your-migrated-registrations.

For more information about the End of Transitional period, go to https://www.ppsr.gov.au/end-final-transitional-period.

Webinar: Personal Property Securities (PPS) tips for the new year

To be prepared yourself for the changes, join us for a complimentary 30 minutes webinar with industry expert Karen Lee from Legal Know-How. 

Topics she will be covering in this webinar: 

  • Latest PPSR statistics 
  • Selected key PPS decisions in the last 12 months and lessons learnt 
  • Important timeframes to observe when making registrations - this will focus on PMSIs 
  1. Session 1: Tuesday, January 24, 2017, 1:30 PM - 2:00 PM AEDT - Register for webinar                         
  2. Session 2: Wednesday, February 8, 2017, 11:30 AM - 12:00 PM AEDT - Register for the webinar

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.