Personal Property Securities Register announces that the ASIC ACN/ABN data change has been completed but more problems have been identified

The PPSR’s data change will make it easier for users to search for migrated ASIC security interests by ACN, instead of needing to undertake multiple searches of a grantor’s name, ABN and ACN. However, users still need to take care when performing grantor searches by ARBN.

On 10 May 2012, the Personal Property Securities Register (PPSR) announced that it was seeking to fix certain migrated ASIC data for grantors, which was identified by ABN as opposed to ACN.

The PPSR has announced that the necessary changes have now been made to all the affected grantors, by replacing their ABN with an ACN. However, it has been identified that there were 484 registrations among the 885,238 affected that should have been identified by ARBN instead of ACN. The majority of the affected grantors are foreign companies, but include a small set of Australian non-companies (for example, cooperatives).

A fix is being developed which will substitute an ARBN for an ACN for the affected entities. The PPSR has indicated that it will release a schedule for implementation once settled.

In the meantime, users performing grantor searches by ARBN should consider entering the ARBN of the target grantor entity into both the ACN and ARBN fields on the PPSR.

See update dated 19 June 2012.