Your PPS Registrations may be expiring soon
We have provided numerous articles on the Personal Property Securities Act (“PPSA”) and its importance in protecting your assets and taking and perfecting security over other assets.
One of the key components of the PPSA is a 24/7 online Register where you can register and protect your assets and security interests. When doing a PPS registration you will be prompted to nominate a period you want the registration to run. Security interests can be registered for seven years or less, more than seven years but less than 25 years, or with no stated end time. Some may have only registered for 7 years to save money on the PPS registration fees or thought that such term would be long enough.
The Register came online on the 30th January, 2012. This means there may be some PPS registrations which will expire on the 30th January, 2019. If this occurs then the PPS registration will lapse and no longer be of any use in protecting the assets concerned.
However, all is not lost, you can always log-on with your PPS details for such registration before it expires and extend the registration period. It must be done before expiry of the current registration. Please refer to https://www.ppsr.gov. au/renew-registration for guidance on this renewal process.
We urge clients to check their current PPS registrations to ensure their terms are not expiring shortly and if they are, take the appropriate action to renew the registration before the expiry date.
If you are in need of advice relating to your PPS registration or the PPSA in general, please contact one of our lawyers.
This article is general commentary on a topical issue and does not constitute legal advice. If you are concerned about any topics covered in this article, we recommend that you seek legal advice.