PPSR Security Interests will start to expire this year.
The Personal Property Securities Register, most commonly known as the PPSR, commenced on 30 January 2012. Since then, many security interests have been registered on the PPSR for a default period of 7 years. This means that security interests registered on the PPSR back in 2012 for this default 7 year period will begin to expire this year.
If you have a security interest registered on the PPSR that is falling due for renewal this year, then you must take to take steps to extend the registration (if you still require the registration), particularly if you wish to maintain your priority position.
It is critical that you do not delay in renewing your registered security interest. A registered security interest can only be renewed or amended whilst it is current and active, but not once it has expired.
The PPSR will charge you for the renewal of any registered security interest.
If you require any assistance in renewing, or amending, your current registered security interest, or if you wish to register a new security interest on the PPSR, or if you require any advice in relation to the PPSR, then feel free to get in touch with our experienced Commercial + Property Team.