The website for the Personal Property Securities Act 2009 (Cth) (PPSA) register (PPSR) has undergone some recent changes. Users may have noticed that the ability to add an attachment to a registration has recently become unavailable. We confirm the effectiveness of a registration is not affected by the absence of an attached security agreement or supporting documentation, and a solution to restore this functionality is currently being worked on.
Helpfully, the PPSR website now offers companies the option of receiving notifications whenever new registrations are recorded against them on the PPSR. This spares a company from having to manually search the PPSR whenever they want an update of this information.
New PPSR fees have also been proposed, with effect from 1 July 2015. Interestingly, the proposed fees for searching the register and making new registrations are to be decreased (for example, the fee for a registration without a stated end time will fall from AU$140 to AU$119).
PPSR statistics have also recently been released illustrating that PPSR search activity has increased 4.9% since the previous year. This could be an indication that the public is becoming more familiar with the reach of the PPSA and the importance of the PPSR. We are, however, keenly awaiting the results of a full PPSA review which has recently been conducted. In light of interim findings, we suspect the final report will indicate that there is still a lack of awareness and understanding of the PPSA, particularly by small businesses. The final PPSA reform report is due to be tabled in Parliament shortly; we will update with key proposals from the reform after this time.