ASIC has announced details of the closure of its Register of Company Charges from close of business on Friday 27 January 2012 leading up to the opening of the PPS Register on Monday 30 January.

All current registered charges will be migrated to the new PPS Register. But ASIC has advised that if a charge was registered provisionally with ASIC, whilst it will be transferred to the PPS it will be regarded as a transitional security interest which must be registered within 24 months to retain the original creation date.

All historical charge information e.g. charges that have been satisfied prior to 30 January 2012, will remain on the ASIC register and will be available for searching for 7 years. Therefore, after the Australian Register of Company Charges has closed, customers may need to search both the PPS Register and the ASIC Register to get the full history of charges for a company.