Charge documents under the PPSA

A lot of clients have asked us if there are any changes needed to a Deed of Charge for them to be entitled to lodge a floating charge over a company’s assets and further a particular charge over the Management rights (if applicable) to secure their interests.

Answer: There is no set form under the PPSA for charge documents, ASIC form 309 no longer exists. Registration on the PPSR is done online by navigating a series of questions on consecutive pages. You cannot ‘click through’ to the next page without providing adequate details.

The easiest way to register an interest is online. Depending on your familiarity of the system it should only take 10-15 minutes per registration. Registering your interest on the PPSR against security property is known in PPSR lingo as ‘registering a financing statement’. The cost of ‘registering a financing statement’ depends on how long you require your interest to be registered. There is a link here to the schedule of fees. We pay the full $130 each time because the interest remains indefinitely if you do so, however the fees are as small as $7.40 per registration if the interest is for 7 years or less.

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