In September 2015, we published an article here outlining the impact of the Personal Property Security regime in Papua New Guinea. This article explains how affected businesses can start preparing now.
The Asian Development Bank has recently released a demo Personal Property Security Registry (PPS Registry) to assist interested stakeholders to prepare for the pending implementation of the Personal Property Security Act 2011 (PPSA).
PPS Registry demo site
To assist affected businesses for the commencement of the PPSA in PNG, a demo PPS Registry is now available for use to upload test data files. Affected businesses may apply for a client account on the demo site to ensure they are entering data in a valid format. Data uploaded to the demo site is for test purposes only, and will not be retained once the PPS Registry goes live. The demo site will be disabled one week prior to the go live date which is currently expected in the first week of December 2015.
Pre-registration upload option
The PPSA provides that all pre-existing security interests which will be subject to the PPSA once it commences must be re-registered on the PPS Registry or risk losing priority. Affected businesses will have a 180 day transition period during which these pre-existing security interests may be re-registered. This will place an enormous burden on affected businesses with large portfolios to re-register.
In response to stakeholder concerns, the Asian Development Bank is providing affected businesses with the ability to begin the work necessary to enter pre-existing security interest into the PPS Registry before the official commencement date.
The pre-registration process allows for any secured party to populate an excel spreadsheet with the information that would otherwise be entered into the PPS Registry once the site goes live. The software company will then take each spreadsheet and extract the data into the proper fields in the PPS Registry.