PPSR Security interests that were registered on the Personal Property Securities Register (PPSR) on the commencement of the regime back in January 2012 are due for renewal on 30 January 2019.
Initial registrations made for a period of 7 years are due to expire at the end of this month. These include transitional security interests which migrated onto the PPSR from ASIC registers.
To ensure that you maintain your priority, registrations must be renewed before they expire. If you miss this deadline, you are at risk of becoming an unsecured creditor. Expiry of registration will result in your security interest lapsing, which means that your interest in the property secured could vest in the party that granted the interest to you.
If you fail to renew your registrations before the expiry of the initial 7 year period, you’ll lose your status as a secured creditor. This means that the party against whom you registered a PPS security interest becomes insolvent, you could lose your property to liquidator or third-party creditor. This can include leased goods!
It’s time to check those original registrations and renew and update them before 30 January 2019. To help you identify registrations that need to be renewed, the PPSR publishes a report on registrations due to expire. To access this report, log into your PPSR account and use the secured party details to view registered security interests that are due for renewal.
It’s a good time to check your PPS registrations generally and diarise to renew your registrations before they expire to ensure you retain your position in the secured creditor queue.
Navigating your way around the PPSR can be tricky. If you have any questions or need any help, contact us!