Lodgement of company charges
From Monday 30 January 2012, the ASICs Register of Company Charges will be closed and all company charges (or security interests as they will be known) must be lodged with the PPS Register.
The PPS Register will be an online service and accessible to search and register security interests 24/7.
Administration of the register
The Register will be administered by the Insolvency and Trustee Service Australia (ITSA).
The PPS Register is the result of a new Commonwealth law, the Personal Property Securities Act 2009 (Cth) and replaces the Australian Register of Company Charges and other securities registers.
What will be included on the PPS Register?
Security interests in personal property to be listed on the Register will include all assets other than land or buildings. It includes fixed and floating charges, physical goods such as works of art, furniture, jewellery, cars, boats, farm machinery, business equipment, crops and livestock. It also includes intangible property such as rights under a contract and intellectual property.
Migration from the ASIC register
All current charges will be migrated to the new PPS Register.
All historical charge information e.g. charges that have been satisfied prior to 30 January 2012, will remain on the ASIC register and will be available for searching for 7 years. Therefore, after the Australian Register of Company Charges has closed, customers may need to search both the PPS Register and the ASIC Register to get the full history of charges for a company.
For further information or assistance registering a charge please contact Bransgroves Lawyers.