The 30th January 2012 saw the Personal Property Securities Register (PPSR) “go live” across Australia providing a consolidated and national register for the searching, registering and releasing of securities relating to personal property. Given that the PPSR is a completely new system and the scale of the PPSR, there was bound to be some teething problems. In the first week of operation, the PPSR experienced several issues relating to security data which was migrated from third party sources such as the Australian Securities and Investments Commission (ASIC)
and the States’ Fair Trading Departments. The caused problems for those wanting to conduct searches of the Register. Some users also experienced difficulties in registering new security interests.
At the time of writing, some two weeks since the Register came online, the majority of issues outlined above have been addressed. We are now receiving consistent and reliable search results. Macrossan & Amiet has access to the PPSR via our search agent Citec Confirm. We now have the ability to search register and release security interests relating to personal property.
If you require a search of the PPSR or your interests in an item of personal property protected, please do not hesitate to contact our office to speak with one of our PPSR experts.
