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Important update for all MST clients – PPSA

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The Attorney General’s Department has advised a Senate Committee that the Department ‘is confident in the operation of the PPS Register’.

The Attorney General’s Department said it continues to plan for the ‘commencement of the Personal Property Securities Register on Monday, 30 January 2012’.

The Attorney General, Robert McClelland, must formally set the commencement date for the register by next Monday, 28 November 2011.

It is expected that the registration commencement time will be immediately after midnight on Monday, 30 January 2012.

Existing registers such as the register maintained by the Australian Securities and Investments Commission (ASIC) will stop processing applications for security registrations (such as fixed and floating charges) at the close of business on Friday, 27 January 2012.

The new Personal Property Securities Register will take over from the separate registers managed by Federal and State governments that cover things such as company charges, shipping, motor vehicles, fisheries, bills of sale and stock mortgages.

For further information on the PPSA, please contact MST’s Corporate Advisory team.