The Personal Property Securities Register (PPSR) will hit another significant milestone on Wednesday, 30 January 2019. The PPSR will be seven years old.
The Australian Financial Security Authority (AFSA) has sent a reminder and warned all stakeholders that seven-year registrations will soon start to expire on 30 January 2019. Once a registration lapses, it cannot be extended. Only current registrations can be amended or renewed.
If a registration lapses, then that security interest no longer exists and lenders or suppliers will end up being unsecured creditors.
If you have registered security interests against other parties, we recommend that you review and make any amendments to those registrations to ensure that they do not lapse. AFSA has recommended that you periodically access the free ‘registrations due to expire’ report which will provide you with a list of registrations that are due to expire in a specified time period.
AFSA has provided the following instructions so that you can access the report:
Review all the details in the registration; make sure you note the right ACN or ABN, company name and current address. You should check that the details are correct, including the way you describe your goods or security. If you need to extend a registration, choose a new expiry date.
We recommend that you should:
Regularly review your registrations.
Act now and ensure that your registrations are current and capable of being extended.
If you have any questions, or need assistance, don’t hesitate to contact your Pitcher Partners contact.