The final grace period for migrated registrations to the Personal Property Securities Register (PPSR) is ending on 31 January 2017.
As a result of pre-existing registrations being automatically migrated from a multitude of registers to the PPSR in January 2012, many registrations do not contain information as required by section 153 of thePersonal Property Securities Act2009(Cth) (the Act).
Section 337(4) of the Act allows migrated registrations to remain effective despite a defect, but only until the migrated end time of the registration or until 31 January 2017 where no end time is stated.
To ensure the effectiveness of a migrated registration, secured parties must check the registration contains all required information and provides an end date. Failure to amend the PPSR to correct such errors in a migrated registration by 31 January 2017 may result in the registration being defective and depending on the severity of the defect, may render the registration void.
Act now to ensure your security interests are protected.
For more information, please contact Dajana Malnersic or Kylie Tate on 02 9234 1500.