PPSR problems require a long-term fix
Users of the Personal Property Securities Register say the registrar is responding to complaints about the operation of the new service but reaching a proper solution will take some time.As a quick fix the registrar is migrating more Australian Company Numbers from the Australian Securities and Investments Commission's files to the new system.But the main problem - that a search of the PPSR captures only one company identifier - requires a big system change that will take time.The Personal Property Securities Act was designed to create a single national property register and a single set of rules for gathering personal property information. Registers that have migrated their data to the PPSR include the Australian Securities and Investments Commission's Register of Company Charges, state registers of encumbered vehicles, state bill of sale registers, and state crop and livestock mortgage registers. The Fisheries Register and the Australian Register of Ships have also moved.The PPSR went live on January 30. From the first day users found its search functions either slow to respond or unavailable.But the biggest problem is the long term one. Users used to doing ASIC searches, which identify companies by their company name, ACN and Australian Business Number, discovered that PPSR searches would yield only one of these. They also found that many ACNs had not been migrated.