PPSA SEARCH CHANGES (Dec 1 2004)

December 3, 2004

IMPORTANT INFORMATION FROM

 

THE PERSONAL PROPERTY REGISTRY

 

 

 

November 30, 2004

 

 

On March 29, 2004 with the implementation of Corporate Online, the format of numbered company names was changed.  Numbered company names for companies incorporated on or after March 29th are formatted with a leading zero plus six digits followed by B.C. Ltd., e.g. 0710199 B.C. Ltd.

 

This change affects how you register and search liens in the Personal Property Registry.  If a Financing Statement or Financing Change Statement is filed incorrectly in that the numbered company name did not contain the leading zero, then the search algorithm will not find that lien unless the searching party eliminates the leading zero, e.g. 710199 B.C. Ltd.

 

This would also be the case if the lien was registered correctly with the leading zero, but the searching party eliminated the leading zero in the search string. 

 

In neither case will the search algorithm produce an exact or similar match in the Personal Property Registry system.

 

This situation reinforces the requirement to always ensure that the correct legal name of the debtor is entered. To ensure you have the correct name of a company, you should search the Corporate Registry.

 

If you require further information, contact Dye & Durham’s Victoria Office at  250-953-700

 or 1-800-665-6211.

 

 

 

 

 

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