The Personal Property Security Register is the single Australian register where details of security interests in personal property can be registered and searched, for example you can register a notice to show that you have rights over personal property which secure a debt or obligation that someone owes you. A common case is a loan secured against a car, machinery or livestock.
The Australian Financial Security Authority (AFSA) has recently reminded 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.
For anyone who wishes to ensure that their loan or interest is protected, consult a lawyer today.
