Just a quick post on the subject of the end of the PPSA's two year Transitional period.
With the transitional period due to expire soon I have seen a lot of articles and posts referencing this important point in time and urging prompt action on the part of security holders.
However, there seems to be a lack of clarity over when, precisely, the transitional period is due to end; some advise that the deadline is 30/01/2014 while others vaguely state “January 2014” or "the end of
January 2014".
30th January 2014 is a tempting date because the Register came into effect on the 30th January 2012 and, perhaps for this reason, seems to be the most common deadline date quoted.
However, the precise end date is defined in legislation - The Personal Property Securities Regulations 2010 - in which, at Part 9.3, it is written:
This Part [the Transitional provisions] ceases to have effect after the end of the month that is 24 months after the registration commencement time.
Thus, the transitional arrangements do not apply from 1st February 2014 onwards and the last point in time at which a transitional security interest may be registered as such will be immediately before midnight (Canberra time) on 31st January 2014.
