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An update on the PPSR replacement date

1 June 2018

The replacement PPSR go-live date has been moved to the end of September, with the cutover weekend commencing at 5pm on Friday 28 September when the old register will be retired and moved i.e. data migrated to the new PPSR.

In our next update, we will send you a training registration form with the exact dates and times.

Why replace a system that works?

PPSR is now 16 years old, keeping pace with technology and the evolving needs of our customers is now becoming a challenge, especially when there are a limited number of technical people in the market with the skills to support and maintain the current application. Its age is also giving rise to business risk because it relies on old technology to meet the expectation of high availability. For such a critical system that plays a significant role within the NZ finance sector, we are reluctant to wait any longer.

Given the successful operation of the register in the New Zealand jurisdiction, legislation and core functionality will remain fundamentally the same. However, there will be an amendment to the Personal Property Securities Regulations 2001 which will be the introduction of the New Zealand Business Number (NZBN).

Rest assured, though, current risk assessments show that although PPSR is old it is stable. We like to compare it to a well performing type writer that does its job superbly but would most likely break if we were to dismantle it to add a new letter. As the custodian of the NZBN, Companies Office is currently working to expand NZBN recognition and adoption across all our registers. This is one of the examples why we need to replace the PPSR to allow us to integrate the NZBN without compromising register’s stability. 

 

PPSR Replacement Team