On Monday, 9 May 2016, the Department of Treasury fired the starting gun for the Personal Property Security Registry (PPS Registry).
The Personal Property Security Act 2011 (PPSA) came into operation by way of National Gazette published last week on 4 May 2016.
Although the online PPS Registry was launched in January this year, it could not become operational until a National Gazette Notice was published fixing the date of commencement of the PPSA.
Treasury issued a notice to interested stakeholders today (9 May) confirming that the PPS Registry went live at 9.00am today.
In September 2015, we published an article here outlining the impact of the PPSA in Papua New Guinea.
Starting today, secured parties will need to start registering all new security interests taken over personal property (such as cars, equipment, deposit accounts, shares) on the PPS Registry. All existing security interests registered on the Companies Register and National Court Registry will need to be re-registered on the PPS Registry within 180 days of the PPSA commencement date (ie by 31 October 2016), or they risk losing priority.
All secured parties who wish to transact business with the PPS Registry must first establish a pre-funded client account with the PPS Registry. Once established, secured parties may then register security interests, manage filings and find a history of all their fee-based transactions that have been made on the PPS Registry.