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ARTICLE · 05 MAY 2012

Saying goodbye to ASIC & hello to the PPSR

Thynne & Macartney
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The PPSA will replace 40+ existing registers, including the ASIC Register of Charges, with a single national register.

AustraliaFinance and Banking
Insolvency And Restructuring
Insolvency And Restructuring
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The Personal Property Securities Act 2009 (Cth) ("PPSA") and the associated Personal Property Securities Register ("PPSR") will commence on 30 January 2012.

The PPSA will replace 40+ existing registers, including the ASIC Register of Charges, with a single national register known as the PPSR that will be managed by the Insolvency and Trustee Service Australia ("ITSA").

Registration

The final day ASIC will accept or process charges will be Friday 27 January 2012.

From 30 January 2012, the Australian Register of Company Charges will be closed and all security interests over companies must be registered on the PPSR.

Charges currently registered on the ASIC register of charges will be transferred to the PPSR. However, provisionally registered charges will not be effectively registered on the PPSR when the charges migrate. Instead provisionally registered charges will only be granted 'temporary perfection' for a period of 24 months after the PPSR commencement

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