17 December 2018
The Personal Property Securities Register (PPSR) commenced operation on 31 January 2012.
The default registration period starts at 7 years or less, and is the cheapest option when registering a security interest on the PPSR. What this means is that 7-year registrations will begin to expire from January 2019. If you were one of the early birds and ensured you had registrations from the commencement of the PPSR, then your PPSR registrations could be due to expire from January 2019.
What happens if I don’t extend my registration
Failure to extend a registration (that is still required to secure personal property) could result in a loss of priority to later security interests. This is because expired or lapsed PPSR registrations cannot be renewed. If a registration lapses then a new registration will be required in order to protect the interest in the personal property. However:
How can I make sure my PPSR registration continues to protect my security
A PPSR registration may be extended, provided that the extension occurs prior to expiry or lapsing of the PPSR registration. You can undertake a free search using the PPSR search tool to determine if your PPSR registrations are due to expire in 2019 and need to be extended. This search tool is available from https://www.ppsr.gov.au/registrations-due-expire-report. This will identify those security interests due to expire from January 2019. You can then decide whether those registrations require extension or may be due to be discharged.
What can JHK Legal do to help
At JHK Legal we can:
JHK Legal can also assist you with:
Please contact one of our friendly commercial lawyers to discuss how we may help you.
Senior Associate, Alison De Marco LLM, Acc. Spec. (Bus.) – Qld