On 30 January 2019 the registration of any security interests that migrated to the Personal Property Securities Register (PPSR) with a seven year registration will expire.
Any seven year registrations made in the first quarter of 2012 will also be falling due for renewal or expiry in the coming months. If you do not renew one of those registrations, the registration will expire and the relevant security will stop being perfected.
If that security interest still secures obligations, having its registration expire before it is renewed may affect the priority of your security and will expose your security to loss if a liquidator is appointed within six months after it is re-registered on the PPSR.
The six month waiting period commences when you re-register the unperfected security. If you wait until a Liquidator is being appointed, you will almost certainly lose your security interest.
We recommend that by 30 January 2019 you check for any registrations expiring on that day or in the next quarter, and if necessary renew them, and then periodically run the report. How frequently this needs to be done depends on your registrations.
How to check when your registrations will expire
- You will need the Secured Party Group (SPG) number under which your securities are registered and Access Code for that SPG. Log in to the Personal Property Securities Register and select the “Report” tab.
- Two options will appear, select the “Request a Report” option.
The next screen will ask for you to select a “Report type” from the drop down box menu, select “Registrations Due to Expire”.
- The next field in this screen is for the “Report format”. There are two report formats to choose from, a “Csv” report can be opened as an Excel spreadsheet and Xml. Unless you have software set up for the “Xml” report, choose the “Csv” report format.
- From there the input screens are self-explanatory and the process is intuitive. Currently this report is free.
We recommend you run this report on a regular basis, for example once every six months and check if you need to renew any registrations for further periods.
If you have any queries regarding renewal of security interests or your security interests generally we will be happy to assist with your enquiries.