Have you Checked on your PPSR Registrations?

I AM pleased to bring you the first publication of Keeping it Legal, a weekly article on a range of legal topics relevant to individuals and businesses.

I am grateful to Walker Pender Group Lawyers and The Queensland Times for supporting this project, aimed at adding value to the community through sharing of legal information. I invite readers to email me with comments or topic requests.

Today is a reminder for those with registered security interests on the Personal Property Securities Register (PPSR).

The PPSR is a national register where individuals and businesses record security interests over personal property.

It can also be searched by consumers before buying certain goods to ensure they are debt-free and safe from repossession.

The PPSR started practical operation on January 30, 2012, making January 30, 2019, its seventh anniversary.

Many registrations are taken out for seven years and so those taken out at the start of the register will soon expire.

If you or your business registered an interest at the commencement of the register, your registration may well soon expire.

You can access a “Registrations due to expire report” for free from the PPSR website to check your registration expiry dates.

Also ensure you have an effective warning system to prompt you to renew your registrations before they expire.

If a registration lapses, not only is the security lost, but where multiple registrations exist, you may lose priority ranking when you re-register.

Until next week, Keep it Legal!

*The legal information in this article is of a general nature only and not intended to be legal advice to rely upon.