The new PPS Register is part of a reform that will affect the way businesses and consumers deal with secured finance in Australia. Examples of business owners and consumers who may be affected by changes to personal property security laws are:
buyers of properties that may be subject to a security interest
business or consumer borrowers
providers of credit, or
investors who are contemplating buying into a business.
From Monday 30 January 2012 only charges satisfied prior to the new register commencement will be available for searching on the ASIC Register.
A historical search will contain details of any historical charge recorded on ASIC's Register of Company Charges. Abbreviations that may be used are:
Fully satisfied i.e. discharged in full
For further information on the PPS Register, refer to www.ppsr.gov.au or email any queries to email@example.com. You can also call the PPS Register enquiries line on 1300 007 777.