Remember how much fun it was to register to protect your security interests on the Personal Property Securities register (PPSR) when it came into force in 2012?
If you answered ‘yes’, then the fun will return this year as many of those registrations will come up for renewal in January 2019. This is because by far the most common duration of registration has been 7 years. So, hundreds of thousands of registrations will be subjected to expiration next year, unless they are renewed.
Those with long memoires might also recall the confusion that reigned over technical aspects of the registration process, which lead many businesses to register multiple interests, on the basis that “it’s better to be safe then sorry”.
Now that the position is (somewhat) clearer, it is likely that many registrations going back to 2012 are no longer necessary and should not be renewed.
All of this means is that prudent businesses will, over the next few months, be conducting a review of their PPSR registrations and working out which ones to renew and/or amend.
Matthews Folbigg Lawyers have advised small and large business on PPS issues since before the inception of the PPSR. We can guide you through the registration process, advise on whether a registration is enforceable, and act for you in disputes over registration issues. Our aim is however to ensure wherever possible that these disputes do not arise.
If you have any questions or concerns about the PPSR please call or email Jeff Brown of Matthews Folbigg Lawyers on 9806 7446 or jeffreyb@matthewsfolbigg.com.au.
