You should regularly check the expiry dates of your PPSR registrations and diarise their renewal dates, otherwise they will expire and you will become an unsecured creditor!
The Personal Property Securities Act (PPSA) commenced on 30 January 2012. Security interests arising pursuant to the PPSA can be registered for:
- 7 years or less;
- more than 7 years but less than 25 years; or
- no stated end time.
Registrations for items such as motor vehicles, watercraft or other property which may or must be described by a serial number, (eg certain items of plant and machinery), are limited to a registration period of a maximum of 7 years.
As such, from 30 January 2019, it is possible that your PPSR registrations which are registered for 7 years will start to expire.
You can only renew a PPSR registration before its expiry date in order to extend it. If your PPSR registration has expired, it cannot be renewed.
What are the consequences if you fail to renew your PPSR registration before it expires?
- The security interest will be lost, likely leaving you an unsecured creditor.
- A new security interest will need to be registered however, that new security interest will rank behind prior registered interests.
- Another secured party may take priority over your registered interest.
- Registering a replacement security interest will take some time and likely leave you exposed during the process.
How do you check your PPSR registration expiry dates?
You can check the status of your PPSR registrations by requesting a registrations due to expire report through your PPSR LOG IN. You can find more information on how to request this report here.
How do you renew your PPSR registration?
You can renew your PPSR registrations through your PPSR LOG IN using the PPSR registration number and associated token or secured party group number and access code to retrieve the registration. You can find more information on how to renew a PPSR registration here.
Ensuring your PPSR registrations are up to date is your responsibility as we do not manage PPSR renewals without your instructions.
About Emily Woolcott
Emily Woolcott is a Solicitor in the Dispute Resolution and Property teams at Plastiras Lawyers. Emily helps SMEs and private clients with property and commercial transactions, along with resolving dispute resolution issues such as contract disputes, debt recovery and consumer protection claims.