Is there a registration on the PPSR that you have an interest in that you want removed?
You can follow these steps to apply to have a PPSR registration removed:
Step 1: Ask the person who made the registration to discharge it
Sometimes a dispute about a PPSR registration can be resolved just by asking the person who made the registration (the secured party) to discharge it. To do this, you need to send the secured party a written demand called an amendment demand. For more information about what you need to write in your demand, see PPS Registrar’s Practice Statement No 4.
It is important you send the amendment demand to the secured party’s email or postal address for service. You can find this by doing a PPSR search for the registration. If the secured party is a deregistered company, you should also send a copy to ASIC (address below).
Step 2: Wait 5 business days and then take further action
To ask the Registrar, you need to submit a form called an amendment statement to email@example.com. To help us process your request as quickly as possible, make sure you include a copy of your amendment demand, any response from the secured party and any evidence to support your request. For more information about what you should include, see PPS Registrar’s Practice Statement No 4.
Step 3: The Registrar contacts the secured party
Once the Registrar receives a valid amendment statement, we will send a notice to the secured party called an ‘amendment notice’. This asks the secured party to remove the registration or respond explaining why we shouldn’t remove their registration.
Removing a registration can have a serious impact on a secured party. We will investigate thoroughly and gather all necessary evidence to inform our decision. As a result, this step can be quite lengthy. If your request is urgent, consider making your application to a court instead.
Step 4: The Registrar makes a decision
Once the Registrar has all the information needed, we will make a decision whether or not to remove the registration. We will send you an email and a letter advising you of the decision.
If you are not happy with the decision, there are a number of different avenues you can take. You will be advised of some of these in the decision letter. More information can be found in PPS Registrar’s Practice Statement No 4.
What if I only want the registration changed?
You can also use the PPSR dispute resolution process to ask a secured party to amend a registration. For more information, see the PPS Registrar’s Practice Statement No 4.
Has someone asked you to remove your registration?
You may have received a letter called an ‘amendment notice’ from the Registrar about your PPSR registration. This notice was sent to you because someone wants you to remove your registration. You have three options:
- Remove your registration.
- Respond to the Registrar and object to its removal.
- Apply to court for an order relating to the demand.
If you object to the removal, make sure you provide clear evidence that shows that your registration is supported by a security agreement and there is still a debt owing.
It is really important that you respond to the notice. Failure to respond or provide sufficient evidence may result in your registration being removed from the PPSR.
Australian Securities and Investments Commission (ASIC)
Post: Property Law Group, GPO Box 9827, Brisbane, Qld 4001