Amendment demand administrative process
The amendment demand administrative process is set out in the Personal Property Securities Act 2009 (Cth) (PPS Act) and involves four main steps.
1. Amendment demand
Send an amendment demand to the secured party at the address for service provided in the registration.
The PPS Registrar’s Practice Statement No 4 sets out the suggested contents of an amendment demand. The secured party may then respond.
If the secured party is a deregistered company, you should also send a copy of the amendment demand to the Australian Securities and Investments Commission (ASIC), Property Law Group, GPO Box 9827, Brisbane, Qld 4001.
Sending a copy to ASIC at this stage may help to speed up the process.
2. Amendment statement
If five business days have elapsed since the amendment demand was given and the secured party has not responded, or they disagree with your amendment demand, you may give an amendment statement to the Registrar.
3. Amendment notice
Following receipt of your completed amendment statement, which is complete and not otherwise defective, the Registrar will give an amendment notice to the other secured party.
The secured party may then respond to your amendment demand as set out in the amendment notice. In general the response period will be 5 business days
If the secured party is a deregistered company, the PPSR Registrar may also send a copy to the ASIC inviting a response to the matters set out in the amendment notice.
4. Registrar’s decision
Pursuant to section 181 of the PPS Act, at the end of the response period the Registrar must register a financing change statement to amend the registration in accordance with the amendment demand, unless the Registrar suspects on reasonable grounds that the amendment is unauthorised
As an alternative to the administrative process (and in circumstances where the administrative process is not available), either of the secured party or the person who made the amendment demand can to apply to court for an order relating to the amendment demand.