The change to the status of certain charges incorrectly shown as “current” represents another step in the PPSR’s efforts to fix problems that arose in the migration of data from the ASIC database to the PPSR database.
Approximately 38,000 satisfied charges appeared on the Personal Property Securities Register (PPSR) as current security interests, when in fact they were satisfied before 30 January 2012.
A software solution has been developed to change the status of these charges so they do not show as current security interests, and was expected to be processed in the PPSR by the end of May 2012. The PPSR has not made any further announcements about the progress of the changes.
A Verification Statement will be sent to all affected parties.
See ASIC Satisfied Charges Data for a list of the affected charges.