ASIC migrated registrations with incomplete secured party groups (SPGs)
At the commencement of the PPSR approximately 27,000 registrations with multiple secured parties migrated from the ASIC Register of Company Charges with only one secured party listed in the SPG. In such cases additional secured parties could be identified by examining the underlying security documents attached to the registration.
Shortly after Registration Commencement Time, a report was generated showing the registrations affected by this issue. The report is available in csv format compressed in a zip file and the schema is available in xsd.
In November 2015 a Registrar’s Alert was recorded against all current and expired (discharged) registrations alerting users that multiple secured parties exist. The Registrar’s Alert is an additional field shown on all search results, search certificates and verification statements relating to the affected registrations and contains the following text:
Secured Party details may be incomplete
This registration was originally registered on the ASIC Register of Company charges with multiple secured parties. It was migrated to the PPSR with only one of the secured parties listed in the secured party group. Additional secured parties may be identified by examining the underlying security documents attached to this registration.
If you are a secured party and you are concerned that the secured party group (SPG) of your migrated registrations does not contain the full range of secured parties as members, you should consider finding, claiming and transferring your migrated registrations to an SPG with the full range of secured parties. For information on how to transfer a registration see https://www.ppsr.gov.au/transferring-registration.
You should obtain the consent of all affected secured parties prior to completing the above transactions.