The Personal Property Securities register commenced 30 January 2012.
Federally, security interests which were previously registered on the following registers were migrated to the national PPS Register:
- ASIC – Register of company charges (including provisional charges)
- Australian Register of Ships (mortgages only)
- Fisheries Register.
For Victoria, security interests were migrated across from:
- Vehicle Securities Register
- Register of Liens on Wool and Stock Mortgages (stock mortgages only)
- Register of Co-operative Charges.
Security interests on registers which have not been migrated may be registered on the PPSR over the next 24 months. However note this well: the earlier this is done, the earlier the holder of the security interest will gain priority against other creditors.
“Security interests” which have not previously been registrable – or indeed have not traditionally been thought of as “security interests” at all – may now also be registered on the PPSR. These include ROT clauses – now deemed security interests (PMSIs, in fact) – or equipment leases for a term exceeding 12 months (or 3 months for motor vehicles, boats or aircraft). Indeed, these must be so registered, to attain priority against other creditors, including the “super-priority” accorded PMSIs, or Purchase Money Security Interests.
Useful summary information about the new system of registration of personal property security interests can be found on the PPSR website here.