On 30 January 2019 over 120,000 Personal Property Securities Register registrations will expire.
The first security interests were registered on 30 January 2012, and the default registration period for a security interest in consumer property or property described by a serial number is seven years.
It is important that anyone who has a security interest registered in 2012 reviews that registration to check its expiry date. The Australian Financial Security Authority provides a useful expiry report service.
If a registration expires it will no longer be perfected for the purposes of the Personal Property Securities Act 2009. In order to protect the secured parties’ interests, the security interest will need to be renewed before the registration expiry date.
The By Lawyers Personal Property Securities publication details how to renew or amend a registration and will assist in all Personal Property Securities Register matters.