Law Mutual Risk Alert

PPSR Expirations

The Australian Financial Security Authority (AFSA) has sent a reminder and warned that seven-year Personal Property Securities registrations will soon start to expire, following the Personal Property Securities Register (PPSR) turning seven years old on Wednesday, 30 January 2019.

Once a registration lapses, it cannot be extended. Only current registrations can be amended or renewed.
 
If a registration lapses, then that security interest no longer exists and lenders or suppliers will end up being unsecured creditors.  

It is recommended that practices remind their clients to review and amend their registrations to ensure that their security interests do not lapse.

Registrations Due to Expire Report

The AFSA provides a free ‘registrations due to expire’ report which will provide a list of registrations that are due to expire in a specified time period (e.g. next month) for a secured party group (SPG).

The report enables you to monitor registrations that are due for expiry and review ahead of time to see if the security interest requires an extension or if it is due for discharge.

The data for this report is extracted from the PPSR reporting database. The data provided is up until the end of the previous day and is not available for the day on which the report is generated.

The registrations due to expire report will provide the following information:

• Secured party group number
• Registration number
• End date and time (AEST)
• Giving of notice identifier
• Collateral type
• Collateral class
• Is migrated
• Is transitional
• Serial number and serial number type
• Grantors

Please visit https://www.ppsr.gov.au/registrations-due-expire-report for more details.

Contact Law Mutual (WA)

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PO Box Z5345, Perth WA 6831
Telephone:  (08) 9481 3111   |   Facsimile:  (08) 9481 3166
Email: info@lawmutualwa.com.au   |   Website: www.lawmutualwa.com.au