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Personal Property Securities Register update

The new Personal Property Securities Register ('PPSR') became live and operational on 30 January 2012 as foreshadowed in our December newsletter.

We note that feedback to date suggests that great care must be taken when performing the searches on PPSR to ensure that different variations of an entity’s name are checked (e.g. ABC Pty Ltd, A.B.C. Pty Ltd, ABC P/L, etc) in order to ascertain that there are no pre-existing registrations in existence. Additionally, we have been advised that various data migration glitches have resulted in incomplete information coming across from the old registers to PPSR.

It is therefore essential that you take extreme care when using the PPSR and relying on the information therein. Please speak to your Ruddicks adviser if you are concerned or unsure how the PPSR will affect you and your business.

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