Publications - Corporate & Commercial
PPSR Registrations: Are yours about to expire?
January 2019
Snapshot
The default registration period for Personal Properties Securities Register (PPSR) registrations starts at 7 years. As the PPSR is now 7 years old, this means that registrations for this default period which were lodged at the commencement of the PPSR will begin to expire from January 2019.
The PPSR will not automatically send out registration renewal reminders. If you have PPSR registrations, it is important to check when they are due to expire and, where appropriate, take steps to extend those registrations before the registration expiry date to avoid the risk of becoming an unsecured creditor or loosing priority to other creditors. Fees for extending registrations start from $6.
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On January 30 2019, the Personal Properties Securities Register (PPSR) celebrated 7 years since its commencement in 2012. As the default registration period starts at 7 years, this milestone also marks the end of some PPSR registrations which will begin to expire over the coming months.
If you have PPSR registrations, it is important to check their expiry date. PPSR registrations cannot be renewed once the registration has expired. To avoid your registrations expiring, which will result in you becoming an unsecured creditor and possibly risk other creditors taking priority to you, it is important you take steps to renew your PPSR before the registration expires.
To check when your PPSR registrations expire, and to apply to extend your registrations, log in to your PPSR account (or create a PPSR account if you don't already have one) at https://transact.ppsr.gov.au/ppsr/Login?si=1. From there, you will be able to run a "Registrations Due to Expire" report, check the details of your existing registrations to ensure the descriptions of goods, names, addresses, and ABN/ACN details are correct (if they are not you can then amend this information), and renew your registrations.
Where can I find more information?
The PPSR has a dedicated page available at https://www.ppsr.gov.au/do-you-know-when-your-ppsr-registrations-are-due-expire which provides useful general information about the expiration of registrations and links to pages setting out in detail the steps you need to take once you are logged into your account to check your registrations. The PPSR website also has information on how to renew your registrations at https://www.ppsr.gov.au/renew-registration.
If you would like help with managing your PPSR registrations or if you require assistance with any other legal matters, please contact us.
The default registration period for Personal Properties Securities Register (PPSR) registrations starts at 7 years. As the PPSR is now 7 years old, this means that registrations for this default period which were lodged at the commencement of the PPSR will begin to expire from January 2019.
The PPSR will not automatically send out registration renewal reminders. If you have PPSR registrations, it is important to check when they are due to expire and, where appropriate, take steps to extend those registrations before the registration expiry date to avoid the risk of becoming an unsecured creditor or loosing priority to other creditors. Fees for extending registrations start from $6.
___________________________________________________________________________________________________________________________________________
On January 30 2019, the Personal Properties Securities Register (PPSR) celebrated 7 years since its commencement in 2012. As the default registration period starts at 7 years, this milestone also marks the end of some PPSR registrations which will begin to expire over the coming months.
If you have PPSR registrations, it is important to check their expiry date. PPSR registrations cannot be renewed once the registration has expired. To avoid your registrations expiring, which will result in you becoming an unsecured creditor and possibly risk other creditors taking priority to you, it is important you take steps to renew your PPSR before the registration expires.
To check when your PPSR registrations expire, and to apply to extend your registrations, log in to your PPSR account (or create a PPSR account if you don't already have one) at https://transact.ppsr.gov.au/ppsr/Login?si=1. From there, you will be able to run a "Registrations Due to Expire" report, check the details of your existing registrations to ensure the descriptions of goods, names, addresses, and ABN/ACN details are correct (if they are not you can then amend this information), and renew your registrations.
Where can I find more information?
The PPSR has a dedicated page available at https://www.ppsr.gov.au/do-you-know-when-your-ppsr-registrations-are-due-expire which provides useful general information about the expiration of registrations and links to pages setting out in detail the steps you need to take once you are logged into your account to check your registrations. The PPSR website also has information on how to renew your registrations at https://www.ppsr.gov.au/renew-registration.
If you would like help with managing your PPSR registrations or if you require assistance with any other legal matters, please contact us.
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Sarah Toomey Westcott
Senior Associate Bradfield & Scott Lawyers Telephone: 9233 7299 Email: swestcott@bradscott.com.au |
