You need to read this! Alert regarding changes to Personal Property Security registrations
The 7 year anniversary of transitional and original Personal Property Security registrations is coming up soon. That means that many ‘security interest’ registrations will automatically expire on 30 January 2019 if they are not rectified or renewed.
Once a registration has expired, it cannot be extended or renewed. You will lose:
- Your registered security;
- Your enforcement rights under the Personal Property Securities Act; and
- Any priority the registration gave you over other secured parties.
Act now before it is too late. We guarantee you won’t remember to deal with this when you come back after the nice, relaxing holiday season.
What you need to do
Just remember the Three Rs:
Review your registrations – check whether you have any registrations approaching their expiry date.
Rectify any incorrect details in your registrations – now is a good time to make sure any transitional registrations that were migrated across from other registers (such as the ASIC register of charges) are correct.
Renew any expiring registrations that you still need – timely renewal will ensure that you maintain the priority of your registration.
We can help!
If you need help making sure you are protected, call us on 1300 654 590 and let us do the hard work for you.
Looking for a cost estimate?