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13 Jan 12
Personal Property and Securities Act to commence 30 January

The Attorney General has now confirmed that the Personal Property Securities Act 2009 (Cth) (PPSA) will commence on 30 January 2012 (Commencement Date).

After 27 January 2012, the ASIC register of company charges (amongst other registers of security interests in Australia) will cease to exist and will no longer accept or process charge documents.  In order to ensure that any documents are processed prior to the Commencement Date you should lodge any registrations as early as possible (and no later than early in the week beginning 23 January).

If ASIC does not process a registration by 27 January or you are registering a security interest after this time, you will need to register that interest on the Personal Property Securities Register (PPSR), which commences 30 January 2012.
In order to register financing statements on the PPSR, you should register as an account customer with the PPSR.  Registrations to become an account customer will close on 15 January 2012.  If an account is not created before 15 January, you will only be able to do so from 30 January 2012.

To register as an account customer visit the PPSR website at: https://transact.ppsr.gov.au/ppsr/home.

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