If you hold a security interest registered on the Personal Property Securities Register in 2012 over serial numbered goods (including motor vehicles, watercraft and certain items of plant and machinery) which was migrated from another state based register to the PPSR this could have expired on 30 January 2019. Please contact us to find out more, ph: 07 4638 1133
It’s the seven year anniversary of the Personal Property Securities Register (PPSR)!
In 2012, some serial numbered goods were migrated from another state based register to the PPSR.
So, if you are (for example):
- a Private Lender;
- a Seller who uses vendor finance arrangements that take security over business assets; or
- a Business involving serial numbered goods (eg. cars, trucks, motorbikes, tractors, caravans, trailers, aircraft, watercraft, plant breeder rights, patents, designs and trademarks)
The default security interest registration period is seven years, which means as at 30 January 2019, your registered security interest may have expired.
If you hold a current PPSR
You’ll need to do a free PPSR Due to Expire Report search, to find out when your Personal Property Security Interest is set to expire.
What’ll happen to your security interest if it expires
The PPSR system is set to automatically discharge a registration on its end date. This means you can’t renew or extend your security interest. Instead, this will be need to be re-registered.
Ideally, we’d like for you to extend or renew your security interest before the expiry date so your priority remains the same. However, if your interest has expired, this can lead to vulnerabilities, especially if the security provider has gone into administration or liquidation.
When it comes to re-registering after expiration, your personal position may have a new (lower) priority interest. So, we recommend getting on top of this as soon as possible. This way you can maintain your security interest in any personal property.
The process to renew a registration is not always straight forward. Please contact any member of our commercial team if you require any advice on re-registering an expired PPSR registration.
If you are not sure if the Personal Property Securities Register applies to you, please click here and we’ll explain what the PPSR is and how it may apply to your business.
About the author:
Leesa Beresford is a Senior Solicitor in the Commercial, Property and Rural Law areas of Wonderley & Hall. Her expertise covers business & property succession, leasing, financing, franchising and retirement villages. When Leesa is not working at Wonderley and Hall she enjoys pounding laps at the pool, trying out recipes from around the world and going on long walks and other adventures with her teenage son and miniature schnauzer called Chewie.
Wonderley & Hall is a full service law firm based in Toowoomba, serving the Darling Downs, South Burnett and Surat Basin region. We handle Commercial, Family Law, Criminal and other General Litigation matters. If you need help with a legal matter, please call (07) 4638 1133
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