By Tony Lane
Seven year registrations on the Personal Property Securities Register (PPSR) will start to expire from Wednesday 30 January 2019. After a registration expires, it is unable to be extended as only current registrations can be renewed or amended.
To ensure your protection is continuous and that your security interest remains perfected, registrations must be extended prior to their expiry. A break in continuity of perfection may mean you lose priority and could be exposed to a loss of your secured property if an insolvency event occurs (including liquidation or bankruptcy).
How can I review my PPSR registrations?
To review your registrations, log into the PPSR and request a free ‘registrations due to expire’ report. This report will list all your registrations that are due to expire in a specific date range. Ensure you review all the details in the registration and that the identifier, company name and current address are all correct. Check that your details, including the way you describe your goods, are up to date. If your registration needs extending, choose a new expiry date. It is free to renew a registration, however if you need to extend a registration, fees start from $6.
For more details visit https://www.ppsr.gov.au/registrations-due-expire-report.
The time to act is now!
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