The Personal Property Securities Register (PPSR) began operating on 30 January 2012, and therefore, its 7-year anniversary fast approaches.
Since the default registration period on the PPSR starts at 7 years, many security interests that were registered soon after the commencement of the PPSR for the default 7-year registration period, will begin to expire from January 2019. It is estimated that more than 100,000 registrations could fall in this category.
It is important to note that once security interest registrations on the PPSR expire, they cannot be renewed. Therefore, PPSR registrations that are about to expire must be renewed before they expire, to ensure that they maintain their priority.
The lapse of a registration on the PPSR could put the relevant personal property at possible risk, and a new security interest registration would be required, which would affect the priority of the registration.
It is therefore important to urgently check when your security interest registrations are due to expire. One way to do this is to obtain a free “Registrations due to expire report” from the PPSR website. Click here for instructions on how to obtain this report.
Click here for instructions on how to renew current PPSR registrations.
For more information on renewing PPSR registrations and for general advice on the PPSR, please contact:
Craig Sanford, Director, Sierra Legal on M: +61 (0)416 052 115 or E: firstname.lastname@example.org
Mike Jeffery, Director, Sierra Legal on M: +61 (0)402 745 054 or E: email@example.com
Ken Gitahi, Senior Associate, Sierra Legal on M: +61 (0)401 450 220 or E: firstname.lastname@example.org