PPSR timetable hard to set

The Attorney-General's Department had set a tentative date of January 30, 2012 for the shift to the unified register of property securities, though an even later commencement date seems likely.

The department will hold a briefing in Sydney today to update banks, state government agencies and other users on the issues that continue to affect the register in its test environments.

Industry talk suggests that the department's choice of January 30 is simply the last effective date it can set given the constraints of the Personal Property Securities Act, which says the register will come into force on February 1, 2010 (a Wednesday) if no earlier date is set.

However, the Department most likely will see an amendment to the law and push the date back further. Those attending today's briefing hope the department will disclose the real timetable.

The Personal Property Securities Register will take over from the separate registers managed by state and federal governments that cover shipping, motor vehicles, fisheries, company charges, bills of sale and stock mortgages.