When conducting PPSR Searches it important to note that it has recently been announced that not all charges registered with ASIC have been successfully migrated to the PPSR.
The QLS recently advised – “Announcements about technical issues released recently by the PPS Registry include:
- Approximately 6000 records were not migrated to the PPSR from the ASIC Company Charges Register due to a technical issue. ASIC has provided a listing of all non-migrated charges and has advised that these cannot now be migrated to the PPSR and must be lodged by the secured party.
- Notification that charges registered on the ASIC register of company charges with more than one chargee (secured party) were migrated to PPSR with only one secured party in the secured party group (at most 25,878 registrations affected). A proposed solution calling for re-registration of these security interests has been published.”
If you are relying on the security of a company charge you should immediately conduct a PPSR search to ensure that the details have correctly migrated to the PPSR.