Madison Marcus | Protecting your PPSR Registration from Expiry - Madison Marcus

Protecting your PPSR Registration from Expiry

 

Wednesday, 30 January 2019 marked 7 years since the commencement of the Personal Property Securities Register (PPSR). The default registration period for PPSR registrations and the period for many migrated registrations is 7 years. As a result, migrated registrations or those made in early 2012 will begin to expire from this date.

Registration and timing are critical for security interests arising under the Personal Property Securities Act 2009 (Cth). If a registration lapses it cannot be extended or renewed, meaning that you may be at risk of becoming an unsecured creditor. Additionally, if a registration lapses a new security interest will need to be re-registered to protect your interest, however this may result in the loss of priority to other registered creditors.

To avoid any of these circumstances, it is essential that the expiry dates for all PPSR registrations are checked and noted as you will not be automatically notified of upcoming expiry. If your registered security interest is about to expire, the registration can be amended to extend the expiry date.

If you know you have a security interest registered on the PPSR, please get in contact with our Banking & Finance team to assist you in checking, and if applicable, extending your expiry date in order to protect your interest.

 

 

                  

Christopher Aylward- Partner
Banking & Finance

E: christopher.aylward@madisonmarcus.co

P: +61 2 8022 1222

Annabelle Tan – Lawyer
Banking & Finance

E: annabelle.tan@madisonmarcus.co

P: +61 2 8022 1222

 

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