More than three months after the go-live, significant problems
persist with the reliability of the Personal Property Securities
Register (PPSR).
MIGRATED PRE-PPSA REGISTERED SECURITY INTERESTS
The Registrar of the PPSR confirmed early on that a large number
of errors and omissions occurred in the migration of data from ASIC
and State & Territory databases to the PPSR. Work has been
underway for some time to identify and correct those errors and
omissions. It is uncertain when corrections will be completed.
Until then, it will be necessary to perform (and pay for) three
separate searches (by grantor ABN, grantor ACN and grantor name) to
try to identify security interests. However, those searches
cannot at present be relied on completely to identify all security
interests that have been granted and/or registered pending
correction of all migration-related errors and omissions in the
PPSR. We are working with the Registrar, our registration
agents and the PPSR user
