ASIC has published a list of company charges that were not migrated to the PPS Register.
As the charges listed missed the pre-commencement migration, the charges must be registered on the PPS Register by or on behalf of each secured party. That registration can be done at no cost up to and including 31 January 2014. If you have taken company charges as security you should check the list to see if any of your securities are on it.
Otherwise all ASIC current company charges should be searched for using the PPS Register, not the ASIC Register.
Similarly all new company charges should now be registered on the PPS Register.
Registration of discharges of company charges must now be done online: ASIC form 312 is no longer relevant.
Migration of ASIC Charges involved other problems:
- During the Data Migration process ASIC charges were migrated with ABNs rather than ACNs in the majority of cases. The register expected to receive ACN's. The PPS Register has advised users to undertake searches on ABN, ACN and organisation name. The Register has published a PDF list of all migrated ABNs and their corresponding ACNs to assist users who do not have the ABN to more easily locate the ABN to search PPSR.
- 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 (SPG). Proposed solution.
- Charges discharged on the ASIC register after the initial data load from ASIC have been migrated to PPSR (i.e. they appear on PPSR as current charges). Until a fix is effected Secured Parties can discharge these registrations on PPSR themselves, which does not incur a fee.
Print This Post
Posted 8th March 2012 by admin in PPS register