End of final transitional period

Background

When the PPSR was set up, it replaced many other public registers. Registrations recorded on over 35 registers were automatically moved across to the PPSR on 30 January 2012. Many of these registrations migrated with missing or incomplete fields.

The PPS Act (Personal Property Securities Act 2009 (Cth)), provided a grace period, allowing time to fix these migrated registrations.

However, this period is coming to an end on 31 January 2017 for registrations that were migrated without an end date.

What does this mean?

As a result, secured parties will need to review and make any required changes to their migrated registrations prior to this date.

Which registrations should be reviewed?

Registrations migrated from another register without an end date.

What do I need to do?

Secured parties need to review all of your current registrations which were migrated with no end date.

If you don't take action before 31 January 2017 you may put yourself at risk if your registration cannot be found by searching the PPSR

Some of the fields you may wish to review include:

  • Serial numbers
  • Grantor details

This is not an exhaustive list and we recommend secured parties seek legal advice if they are concerned about the effectiveness of any of their PPSR registrations.

For information on how transitional registers identified grantors see How transitional registers identified grantors

You should also use this opportunity to also discharge any registrations that are no longer required.

Helpful tips for viewing your migrated registrations

This video contains some simple tips to help with viewing your migrated registrations in a current registrations for a secured party group report.

Tips for finding your migrated registrations

Helpful tips for updating your registrations

Information about what data can and cannot be amended in migrated registrations can be found on the PPSR website at the following links:

What can be amended

Amending or renewing migrated registrations.

Not every migrated registration will be incorrect or incomplete, and not every error in a migrated registration will necessarily make the registration ineffective. For example, the hierarchy of "grantor identifiers" in Schedule 1 to the PPS Regulations says that the correct identifier for a grantor for a migrated registration is the information that was provided by the register from which the registration was migrated. This may help a registration to remain effective even after the Determination no longer applies to it. You should discuss the status of your migrated registrations with your legal advisor.

Furthermore, amending a migrated registration so that it has an end date beyond 31 January 2017 will not extend the application of the transitional period to that registration

Please note: Some registrations can’t be amended meaning you may need to create a new registration. You can link registrations in order to indicate that the new security interest’s priority time may be earlier than the registration time shown. It is important you read the information located at the amend registration page before doing this.

Helpful tips for locating your registrations

Secured parties are able to review all of their registrations in the 'Current registrations for a secured party group' report. For information on how to gain access to this report see Accessing PPSR reports

For information about the report, and how to generate it see Current registrations for a Secured Party group.

If you have a large report that will not generate, please email enquiries@ppsr.gov.au or call the National Service Centre on 1300 007 777 for assistance.

Helpful tips for using the report to find registrations

Column Comments
Is migrated

Filter results with TRUE in this column to see migrated registrations

Source Register

Identifies where the registrations were migrated from

Registration End Date

Displays registrations with no end date provided

Collateral Type

Identifies registrations with the Collateral Type as ‘unknown’

Serial Number

Displays VINs which do not meet requirements (eg. 17 characters)

Serial Number Type

Identifies serial numbers which display as Unknown

Giving of Notice Identifier (GONI)

Displays GONIs, an optional field, used to help locate security interests.

Grantors

Displays Grantor details and can be used to ensure that the Grantor details have been recorded correctly eg. If Grantor details are name only (ie not registered under the ACN or ABN), these may need to be reviewed.

Registration Number

This column provides the registration number

Attachment

If there is a number in this column it indicates the registration has attachments.  Reviewing any attachments may help identify the details of the security agreement.  You will not be able to review the attachment from the report, but can use the registration number to view the attachment.

What if I have never used the PPSR before?

If you have never used the PPSR, and have not already located migrated registrations that you are responsible for, then you will need to follow the ‘find and claim’ process.

See Find and claim your migrated registrations for information on how to do this.

What if I don’t take action?

A registration on the PPSR means that if your customer doesn’t pay, or goes broke, you are in the best position to get your goods, or their value, back.  If you do have any registrations that transferred across to the PPSR when it started in 2012 and you don’t take any action, your registration may no longer ensure your interests are protected.