We have provided numerous articles on the Personal Property Securities Act (“PPSA”) and its
importance in protecting your assets and taking and perfecting security over other assets.
One of the key components of the PPSA is a 24/7 online Register where you can register and protect your assets and security interests. When doing a PPS
registration you will be prompted to nominate a period you want the registration to run. Security interests can be registered for seven years or less,
more than seven years but less than 25 years, or with no stated end time. Some may have only registered for 7 years to save money on the PPS registration
fees, or thought that such term would be long enough.
The Register came online on the 30th January, 2012. This means there may be some PPS registrations which will expire on the 30th January, 2019.
If this occurs then the PPS registration will lapse and no longer be of any use in protecting the assets concerned.
However, all is not lost, you can always log-on with your PPS details for such registration before it expires and extend the registration period. It must
be done before expiry of the current registration. Please refer to this link for guidance on this renewal process.