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Express law

29 January 2019

Seventh Anniversary of the PPSR – what you need to do

The Personal Property Securities Register (PPSR) commenced operation on 30 January 2012. When securities are registered on the PPSR, the default registration period is seven years.

This means that some original registrations carried out at the time the PPSR commenced, as well as security interests which were 'migrated' from pre-PPSR registers, may be about to expire. Registrations need to be renewed prior to expiry so that enforceability and priority are maintained in case of a need to call on a security interest.

What agencies need to do

If your agency has registrations that are about to expire, those registrations should be reviewed to confirm whether they need to be extended.

Agencies can check what registrations are about to expire on the PPSR website. Registrations can be extended, but this must be done before the expiry date. If a registration is still required and is not extended before the expiry date, your agency will lose priority and may be exposed if there is an insolvency event (for example, a liquidation or bankruptcy).

Assistance

AGS can assist agencies by obtaining a ‘registrations due to expire report’ for your agency, and can assist with extending registrations.

 

For further information please contact:

Teresa Miraglia
Property Practice Leader
T 03 9242 1493
teresa.miraglia@ags.gov.au

Mieke Dixon
Senior Lawyer
T 08 9268 1112
mieke.dixon@ags.gov.au

Brooke Reece
Senior Lawyer
T 08 9268 1172
brooke.reece@ags.gov.au

Important: The material in Express law is provided to clients as an early, interim view for general information only, and further analysis on the matter may be prepared by AGS. The material should not be relied upon for the purpose of a particular matter. Please contact AGS before any action or decision is taken on the basis of any of the material in this message.