The Personal Property Security Register (PPSR) is a single electronic platform where security interests in assets can be registered and searched. The default registration period for a registered security interest is 7 years. The PPSR was introduced in January 2012, which means that registrations have been expiring since 2019. It is very important that registered parties seek an extension for their registration before it expires. When an existing registration is renewed, it retains its original registration date and priority. This is significant because priority determines the order in which creditors are paid or can recover goods in the event that the grantor of the security interest defaults or becomes bankrupt or insolvent. If a registration expires, it cannot be extended. A new security interest will need to be registered, which may rank behind earlier registrations. M+E has expertise in the field of PPSR. Contact us to ensure your existing security interests are protected or to have new interests properly registered.
