Are your PPSR registrations about to expire? Find out before 30 January 2019!
On 30 January 2019, the Personal Properties Securities Register (PPSR) will have been in operation for 7 years.
The PPSR provides a platform for businesses and individuals to register their interests in Secured Property. Secured Property is any property which is subject to a security interest, and includes all personal property other than land, such as raw materials, stock supplied on credit, motor vehicles and other goods.
PPSR registrations are prioritised by the date of registration, meaning that the earliest dated registered security interest will take priority over a later registered interest.
What does this mean for me?
The default registration period for PPSR registrations is 7 years. This means that from 30 January 2019, some PPSR registrations will begin to expire. Secured parties need to take active steps to ensure that their registrations remain in place and their interests continue to be secured.
What happens if my registration lapses?
Registrations that are not renewed or extended before their expiration date will lapse and will be automatically be removed from the register.
Once a registration lapses it can no longer be renewed or extended. This may mean that you will lose your ‘place in the line’ and another secured party will take priority over your registered interest!
The only way to protect your interests is to complete a new registration and receive a new priority date.
We can help you
Our experienced commercial team can assist you to manage your PPSR registrations and determine if your registrations require renewal.