The first registrations on the Personal Properties Securities Register (PPSR) were made seven years ago (30 January 2012). This means that security interests with seven year registration periods will, unless renewed, expire from 30 January 2019.
Businesses will need to review their security registrations to determine if those interests need to be renewed. If you do not have a correct registration on the PPSR and the person in possession goes into liquidation, you will not be able to take the equipment/goods/livestock back and you will instead be an unsecured creditor.
Expired registrations are not able to be reinstated. A new registration will be required, which may then rank behind other prior registered security interests.
More information can be found in this CGW article.
You can also access a free PPSR report called “Registrations Due to Expire” which enables you to run a report that lists registrations due to expire in a specified date range for your secured party group.
Please contact us if you would like the contact details of a PPSR specialist who can assist with your registrations, or if you need to discuss this issue further.