As of 30 January 2019, the Person Properties Securities Register (PPSR) will have officially been in existence for 7 years. The Personal Property Securities Act commenced on 30 January 2012 and most businesses began making registrations on the PPSR around that time to secure their interests. The PPSR has become a critical risk protection tool for businesses and consumers when it comes to buying, selling, leasing renting or hiring out goods.
Are you ready for January 2019?
In January 2019, over 120,000 registrations are set to expire. Once your registration expires it can’t be extended or renewed and your ownership will no longer be legally recognised, so it’s critical that you correctly extend it beforehand to protect your interest. If you miss out and have to re-register after expiry you may lose priority to another secured party already on the register.
Correcting registrations
It’s likely that changes have occurred since your original registrations and it’s important to make any updates to the registration before renewal. For example, any upgrades to the property, party details or new contracts should be reflected on the registration.
Why renewal is critical
Without valid registration on the PPSR you run the risk of losing assets. The PPSR is designed to protect you and allow you to recover property when a customer defaults on payment or becomes insolvent. It solidifies you as a secured creditor and gives you peace of mind.
Where to start
You should check that status of all your PPSR registrations and extend or renew them as needed. Remember, some registrations were automatically transferred from other registers to the PPSR, so even if you don’t think the upcoming deadline applies to you, it’s best to double check
- Review your registrations and determine which ones are due for renewal
- Check the details of any registrations set for renewal and make any necessary update
- Extend your registrations to continue to secure your interest
You can manage your PPSR registrations through InfoTrack, including completing bulk look-ups and extensions. It’s a simple process and all costs and documents are returned directly to the relevant matter. If you need help with PPSR updates on InfoTrack, you can refer to our Managing PPSR Registrations User Guide or get in touch with our HelpDesk at helpdesk@infotrack.com.au or 1800 738 524.
Moving forward
Now that we’ve hit the 7-year mark of the PPSR, ongoing renewals will become a regular procedure for many businesses. It’s important that you put in place a process to flag upcoming expiry dates and ensure your PPS registrations are updated and renewed in time to continue to protect your interests.
