By Melissa Higham - 8 Jun 2012
On 1 May 2012 the Personal Properties Securities Register had
its 10 year anniversary. This is significant for secured
parties as financing statements expire after a period of 5 years
unless they are renewed prior to expiry. If
you were one of the first to register, you may need to again renew
your financing statement(s) or your financing statement(s) may have
already expired. Have you checked?
Unfortunately the registrar does not notify a secured party
before a financing statement is due to expire. The financing
statement expires without any notification. It is essential
that you keep a record of the dates which apply to your financing
statements so, if required, you can renew a financing statement
before it expires to maintain your priority position.
If you have discovered that a financing statement has expired,
but is still required by you, you should immediately register a new
financing statement and contact us to discuss how this may have
affected your priority position.
In addition to ensuring you diary relevant dates, you also need
to ensure that you update the register with any change to your
email address (as this is the only way the registrar communicates
with a secured party) and any changes of name, particularly where
the debtor has advised you of a name change.
If you would like any assistance with maintaining your security
interests, please contact Melissa Higham.