Migrated registrations - known issues resolved
HIN normalisation – Qld and NSW
Queensland and New South Wales REVs normalised HINs and had provided the normalised number for data migration.
Qld normalised Is (eyes) and Os (ohs) to ones and zeroes and NSW normalised Is (eyes) to ones and Os (ohs) and Qs (queues) to zeroes.
PPSR has been built to normalise motor vehicle serial numbers, but not HINs. This means that if a searcher enters the HIN as it appears on the boat or the registration papers, they will not find a migrated registration if one exists.
HIN normalisation [XLS 1.62MB]
This issue was resolved on Sunday 21 April 2013, when the version of the PPSR code known as R1 was deployed. Consequently, the PPSR now searches for registrations against the entered and normalised serial numbers.
ASIC data change - ACN/ARBN (CR093)
As a result of the ASIC Data Change ACN/ABN known as CR089, approximately 480 registrations were incorrectly amended. These registrations should have had grantors that were identified by Australian Registered Body Numbers (ARBNs) and not Australian Company Numbers (ACNs).
A programmatic solution was developed to add a new grantor identified by ARBN, and remove the old grantor identified by ACN. This involved a Business to Government (B2G) interface, through which the relevant registrations were amended.
This data change was completed on 14 September 2012.
A verification statement was issued to the secured parties of claimed registrations. However, there is no requirement for secured parties to give notice of the statements to grantors under section 157 of the Personal Property Securities Act 2009.
WA REVS data migration issue – no stated end time
Approximately 25 000 security interests that were previously registered on the Western Australian Register of Encumbered Vehicles (WA REVS), have been migrated to the PPSR with ‘no stated end time’. The intention was that WA REVS registrations would all be migrated with an end time.
A programmatic fix to amend these registrations to include the end date that was originally supplied to WA REVS will not be implemented.
Section 153(2) of the Personal Property Securities Act 2009 will operate to deem all WA REVS registrations migrated with no stated end time to have an end date seven years after RCT (which is the maximum registration time under PPSR for serial numbered property).
Changing the end time of a registration to an earlier time attracts no fee. Therefore, should a secured party wish to amend the end time of an affected registration, they may do so at no cost.
Secured parties in relation to affected registrations are reminded that they are under an obligation to discharge as soon as is practicable if the security interest becomes unperfected.
Fixed/floating charges - ASIC data file
All registrations that were migrated from the ASIC register of Company Charges were migrated with the collateral class of All present and after acquired property – no exceptions (ALLPAAP). In many cases the underlying security interest may cover a narrower scope of collateral. For example, the migrated security interest may have been a fixed charge. The selection of that collateral class occurred as a consequence of the data migration process – it was not a result of a choice by the secured parties involved.
A data file has been posted on the Personal Property Securities Reform community on Govdex which contains information about the fixed/floating status of security interests migrated from the ASIC Register of Company Charges, as at the time of data migration. This file is not part of the Personal Property Securities Register, but the information has been made available as it may be a useful supplementary reference for some high-volume users. You must download and read the accompanying readme file (which includes explanatory comments and conditions of use) before attempting to access the file.
If you do not already have access to the PPSR Govdex community, please contact the National Service Centre via firstname.lastname@example.org and make a request for the ASIC data file on fixed/floating charges.
For more information see the Registrar’s Practice Statement No. 4 on the PPS Registrar’s Practice Statement web page. Pages 8-9 of the statement contain some commentary on this issue.
Discharged Registrations – ASIC, Qld REVS, NSW REVS
Registrations were migrated to the Personal Property Securities Register (PPSR) from transitional registers including the ASIC Register of Company Charges, Qld REVS and Bills of Sale Registers, and Tasmanian REVS.
A proportion of those migrated registrations were recorded as discharged at the time of migration on the relevant registers. The approximate numbers of registrations that were recorded as discharged are: ASIC Register of company charges – 38,000; Qld REVS and Bills of Sale registers - 10,000; and Tasmanian REVS - 2,000.
The programmatic solution to discharge all migrated registrations that were recorded as discharged prior to Registration Commencement Time (RCT) was completed on 31 July 2012.
ASIC Migrated Data Issue – ABNs for Grantors
For ASIC migrated data, PPSR was expecting ACNs wherever possible for Grantors (Chargors on ASIC’s database). However, a significant proportion of the migrated registrations were made against grantors identified by an Australian Business Number (ABN).
Between 23 April 2012 and 14 May 2012 (inclusive), by means of a bulk change process known as CR089, financing change statements were registered in relation to 885,238 registrations migrated from the Register of Company Charges. The changes resulted in replacing grantors identified on the PPSR by an ABN with the same grantors identified by an Australian Company Number (ACN), where the grantors had both an ABN and an ACN. The identity of the grantors was not affected.
Bulk administrative discharges and registration of non-migrated company charges: Approved form
In response to concerns from some stakeholders about the impact of the requirements for giving individual notifications under section 157 of the PPS Act regarding certain discharges of duplicate registrations and registrations of non-migrated company charges, the Registrar amended the Personal Property Securities (Approved Form) Instrument 2011 to provide for an alternative form of notification in certain circumstances.
Copies of the amending instrument (Personal Property Securities (Approved Form) Amendment Instrument (No 4) 2012) and Explanatory Note are available from the Approved Forms – Instruments web page.