Don’t become an unsecured creditor!
With the Personal Property Securities Register (PPSR) having officially turned 7 years old as of 30 January 2019, Coleman Greig would like to remind our commercial clients that as of and from 30 January 2019, all 7 year PPSR registrations have started to expire.
As such, it is crucial to be aware of the date that your original registration(s) took place. If, for example, your 7 year registration was effected on 25 February 2012, it will expire on 25 February 2019.
Please note that once a registration does expire, it cannot be extended or renewed – potentially leaving you as an unsecured creditor. If you find yourself needing to re-register an expired registration, you may lose priority to other creditors who have registered before your new registration.
It is also important to be aware that you will not be notified of the expiration of registrations on the PPSR, and that as such it is your responsibility to take the necessary steps to extend all registrations prior to your original expiry date.
What steps should you take?
- Check the status of your PPSR registrations by logging into the Personal Property Securities Register and accessing the free ‘Registrations due to expire report‘. This report will list all registrations that are due to expire within a specific date range.
- Extend the relevant registrations and choose a new expiry date.
Keep in mind:
- Some registrations were automatically transferred from other registers, so whilst you may think that the upcoming deadline does not apply to you, Coleman Greig urges you to take the time to check.
- It is important that you take time to check the details of any registrations in order to ensure that the details and descriptions of goods or security, names and addresses and ACN/ABN have all been accurately recorded.
If you have any questions regarding your PPSR registrations and would like to speak with a lawyer in Coleman Greig’s Commercial Advice team, please don’t hesitate to get in touch today.
