The PPS Register established under the PPSA went live on 30
January 2012. Despite significant delays in the commencement of the
PPSA to ensure a seamless transition to the new regime, a number of
issues (both technical and practical) have come to light since
commencement. The purpose of this update is to highlight the main
issues that have arisen and indicate some ways in which the
potential adverse consequences of such issues can be minimised.
ISSUES WITH THE PPS REGISTER
One of the greatest risks associated with the change of law
effected by the PPSA was the possibility that the information to be
transferred from registers in existence prior to 30 January 2012 to
the PPS Register would not be transferred in a timely and/or
accurate manner. As commercial parties rely on the accuracy of the
PPS Register when settling financing or other transactions affected
by the PPSA, any errors associated with the Register can have
significant consequences.
