States proclaim all clear for PPSR

State and territory governments have begun to make the final proclamations needed to enable the transfer of two dozen registers of security interests to the unified register established under Commonwealth law.

Chris Jeacle, program manager at the Insolvency and Trustee Service Australia, wrote to banks and other stakeholders yesterday saying that the agency had advised states and territories that they should now proclaim the commencement of their own legislation authorising the transfer to the Personal Property Securities Register for January 30, 2011.

Jeacle wrote in an email that "data migration commenced ahead of schedule and is progressing well. 

"There are no new risks or issues identified that would require a change to the [commencement time]."

Western Australia and Queensland have already proclaimed the start date, while New South Wales is expected to do so today.

The Personal Property Securities Register will take over from 23 separate registers managed by federal and state governments that cover shipping, motor vehicles, fisheries, company charges, bills of sale and stock mortgages.