Sorry to have to do this to you, especially just minutes before you switch to airplane mode (assuming you haven’t already), but let’s talk PPSA for a second. We promise it’s actually really important and practical this time.
We’ll just cut straight to the punchline. Your PPSR registrations have an expiry date and it’s on you to take the necessary steps to make sure they are kept fresh and current, so you are kept safe and protected. The reason we bring this up now is because the expiry date is just over a month away – 30 January 2019 to be exact. This date, marking the PPSA’s 7th birthday bash, has the practical effect of lapsing over 120,000 of the PPSR registrations that were registered in 2012. Put simply, if secured parties don’t confirm and extend their registrations by 30 January 2019 these registrations will become totally useless.
So, here’s what you need to do:
Step 1: Look at your current registrations
Do you have a security interest registered on the PPSR? Does it have an expiry date? Make a list and check it more than twice.
Step 2: Check customer/grantor details
Are the grantor company’s details up-to-date? Has it de-registered? Has it changed its name, ABN, ACN, or its contact details? If yes, these registrations will need to be updated to remain effective.
Step 3: Renew it already
Don’t put this one off, especially if there are heaps of registrations needing renewal or updating. We know PPSR renewals (heck, PPSA-anything) can be technical and tricky so we’re here to help.
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