Are you aware of the upcoming automatic deregistration date? Make sure to renew your 7-year now to avoid missing the PPSR registration expiry date.
The Personal Property Securities Register (PPSR) is a national online register that allows businesses and lenders to secure their interests over assets and to protect consumers when buying personal property. The PPSR covers tangible and intangible assets including machinery, transportation, inventory, intellectual property, shares and licenses.
The PPSR came into effect on 30 January 2012, with a maximum registration period of seven years for certain security interests. This means that the registration period for some assets are due to automatically expire on 30 January 2019 (if they were registered around this time.)
Expired registrations cannot be renewed in the same way they were originally listed. If a registration lapses, a new security interest will need to be registered in order to protect the interest in the personal property. However, that new security interest may not hold the same priority in the personal registration it originally held.
Why complete PPSR registration?
PPSR registration protects against customer insolvency and preserves priority position against other lenders or suppliers.
Registration on the PPSR can be the difference between fully recovering your goods held by third parties and completely forfeiting any claim you have to goods held by a third party in the event a liquidator is appointed to that third party.
If you have assets that were registered when the PPSR commenced its operations in January 2012 and wish for that registration to continue, you must renew your registration prior to 30 January 2019.
Next steps – prior to PPSR registration expiry date
To avoid the risk of deregistration, those with assets that were registered around the time PPSR commenced its operations are encouraged to take the following steps:
- Review OR
- Extend OR
- Amend OR
Should you have any queries in regard to PPSR registration or would like to know more about the services and assistance offered by Quinn Lawyers, get in touch with us today by submitting an online enquiry below.