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Is your security interest still registered on the PPSR?

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.


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