Personal Property Securities Register - The seven year itch?
30 January 2019 marks the seven year anniversary of the existence of the Personal Property Securities Register (PPSR).
All registrations with a seven year term carried out on 30 January 2012 will automatically expire at the end of January 2019.
The PPSR does not provide any notification or warning that a registration is due to expire.
If you hold security interests registered on the PPSR, undertaking reviews of your registrations should be a regular occurrence. However, in light of the upcoming seven year anniversary, it is advisable that you undertake a review before the end of January 2019 to ensure the priority and protection afforded by your registrations is not lost.
It is easy to obtain a free report of registrations that are due to expire. The free report can be requested through the PPSR website.
If your registration is about to expire, you can easily extend the end date, but only if you do so prior to expiry. A fee will apply to renew or extend a registration. If your registration expires it cannot be extended, renewed or amended.
If you miss the expiry date and you have no choice but to register a new security interest, you may lose priority to another secured party who has already registered a security interest against that personal property.
It is important that, moving forward, you put in place a process to monitor upcoming expiry dates so that you can ensure your registrations are updated in time to protect your interests.
If you would like to discuss this or any matter related to the PPSR, please contact a member of HopgoodGanim Lawyers' Finance team.