If you hold a security interest that you believe should have been migrated to the new Personal Property and Security Register (PPSR), it is important at this time to double check the migration. If your interest was incorrectly migrated, or not migrated at all, it may lose its priority over other security interests now that the deadline of Tuesday, 31 January, 2017, has passed.
More than 35 registers were migrated to the PPSR after the Personal Property Securities Act (PPSA) came into effect in 2012. In order to ease the unification process, the Personal Property Securities (Migrated Security Interest and Effective Registration) Determination 2011 was engineered to keep these ‘old’ security interests active for a further 5 years so as to give interest holders sufficient time to migrate to the new PPSR.
Given the size of the task, some registrations were either migrated incorrectly or not migrated at all.
To protect yourself and your security interests, Irish Bentley urges that security holders of active and current security interests originally registered on any of the previous registers ensure their migrations were effective and that any errors are amended.
If you require any assistance with managing and updating your security interests, or other property matters, please contact Irish Bentley Lawyers on 07 3229 4060.