Are your PPSR Registrations about to expire?
The Personal Property Securities Register (PPSR) is 7 years old as at 30 January 2019. This means that 7 year registrations have started to expire. Once a registration expires it can’t be extended or renewed and you may become an unsecured creditor. Re-registering an expired registration may mean the loss of priority to other creditors who have registered earlier.
As you will not be notified that any registrations on the PPSR are due to expire, it is important to take the necessary steps to extend registrations before the original expiry date.
- You should check the status of all PPSR registrations by logging into the PPSR1 and using the free Registrations due to expire report.2 The report lists all of the registrations that are due to expire within a specific date range.
- Remember: Some registrations were automatically transferred from other registers. Even if you don’t think the deadline applies, it’s best to check.
Check the details of any registrations to ensure that descriptions of goods or security, names and addresses and ACN or ABN are all correctly recorded. Also check all details and review your registration to ensure accuracy.
This communication is sent by Kreisson Legal Pty Limited (ACN 113 986 824). This communication has been prepared for the general information of clients and professional associates of Kreisson Legal. You should not rely on the contents. It is not legal advice and should not be regarded as a substitute for legal advice. The contents may contain copyright.