Friday, November 25, 2011

PPS to commence operation on 30 January 2012

The personal property securities (PPS) system will commence operation in Australia on 30 January 2012.

This week the Attorney-General made a determination setting the 'registration commencement date' and the 'migration date' under the PPS legislation. The registration commencement date (30 January 2012) is the date upon which the PPS system will commence operation. The Attorney-General also determined that 21 November 2011 would be the 'migration date' on which the records of security interests recorded on various existing state and federal registers would begin to be transferred onto the new centralised PPS Register.

Previously there had been concerns that the IT systems necessary to support the operation of the PPS Register would not be ready in time. In response to these concerns, the government introduced a Bill to Parliament, which was also passed this week, which enables the Attorney-General to set a commencement date after 30 January 2012 in the event that further testing of the PPS Register is required.