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PPSR registrations may expire from 30 January 2019

Wednesday, March 06, 2019

PPSR registrations may expire from 30 January 2019


What is this about

The PPSR commenced on 30 January 2012, over 7 years ago.


The default registration period started at 7 years, which means that the earliest 7 year registrations have already begun to expire from January 2019.


With the registration fees the cheapest for registration of 7 years or less, if registrations were undertaken on the commencement of the PPSA, there is a likelihood that there are registrations which need to be reviewed immediately to make sure that they don’t inadvertently lapse.


If you have registrations that need to be extended, they must be extended before they expire to maintain your priority.


Why is this important


Registration and timing are crucial for security interests arising under the PPSA.


Non-compliance with the timing requirements for registration under the PPSA gives rise to a risk that later security interests in the personal property take priority over earlier granted security interests.


What can you do about it


The easiest way to protect registered security interests is to check their expiry dates and, if required, amend the registration with a new expiry date.


By renewing the expiry date, the original date of registration will stand, and the initial priority in the personal property will be maintained.


How can you see registrations and which ones are due to expire?


There are 2 simple ways to check your registrations:


If you need to extend a registration, fees start from $6.


Don’t leave it too late. You can only renew or amend a current registration on the PPSR. If the registration has expired it cannot be extended.