1.1 Check the notification of inaccuracy identifies the title affected, the specific entry(ies) affected in the securities section and also includes a specific request to remove the floating charge/bond/debenture.
1.2 Examine the information provided and determine if there is sufficient evidence that the floating charge/bond/debenture has been satisfied. Refer to a senior officer, if necessary.
1.2.1 If no evidence has been provided or the evidence is insufficient return to applicant.
1.3 Complete an application record search and identify if there is live application prior to the date of the need for rectification.
1.3.1 If there is a live application over the title which precedes the date of the need for rectification being established refer to Rectifications SCW.
1.4 Examine the securities section and identify if there are any other entries affected by the request.
1.5 If there is no live pending application which precedes the date of the need for rectification being established complete the rectification process.
1.5.1 If only a single standard security and the floating charge/bond/debenture are affected by ranking provisions the floating charge/bond/debenture and note can be deleted from the title sheet.
1.5.2 If there are multiple securities and the floating charge/bond/debenture is affected by ranking provisions then the entry for the floating charge should not be removed if this would result in any existing ranking notes becoming unclear and possibly misrepresenting the position regarding ranking. Refer to a senior officer for guidance.
1.6 Complete the general updates to the title sheet.
1.7 Notify all the parties materially affected by the rectification.
1.7.1 If a notification letter is being sent to an agent who acted on behalf of an applicant in a historical transaction, a check must be completed to ensure the agent still exists before sending any notification letters.