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7 Year Anniversary of PPSA - Time to Review Your Security Interests

 31 January 2019 marks seven years since the commencement of the Personal Property Securities Act 2009 (Cth) (the PPSA). Why is this significant? Because seven years is the maximum period that security interests relating to ‘consumer property’ or any property described by serial number (e.g. cars, tractors, watercraft and aircraft) can be registered for on the Personal Property Securities Register (the PPSR). Registrations relating to ‘commercial property’, whilst capable of being registered for periods in excess of seven years, are also capable of being registered for seven years.

Any registrations that were submitted on or before the first day of commencement of the PPSA that prescribed a registration period of seven years will expire on 30 January 2019. Expiry of a registration can have serious consequences, including the previously secured party becoming an unsecured creditor and loss of priority to other creditors.

In circumstances where registrations are unable to be renewed after they expire, now is the time to urgently review your PPSR registrations to determine whether renewal of your registrations are required. If you require any assistance with respect to the review or renewal of your security interests, please feel free to contact us.

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