Alert: Lapsing of 7 Year Registrations Upon PPSR Commencing 30 January, 2019

2.01am 30th January, 2019 will mark the 7 year anniversary of the commencement of the Personal Property Securities Act 2009 "PPSA".

The regime for registration of Security Interests upon the Personal Property Securities Register (“PPSR”) established at that time means that any Security Interest registered for a seven (7) year period will lapse automatically seven (7) years after the initial registration occurred.

If you are the holder of such a Security Interest and moneys remain owing to you it will be essential that you extend your registration upon the PPSR prior to the lapsing of that registration.  Once a registration lapses it cannot be reinvigorated or renewed.  Any priority that you would otherwise have had with the original registration will be lost once it lapses.

This may mean that moneys owed to you are no longer secured.

If you hold a Security Interest which was registered upon the PPSR throughout 2012 (or later) for seven (7) years please do not hesitate to contact Peter Duffy or one of our other commercial lawyers to discuss these matters so that we can advise you in more detail as to your particular position.