IN BRIEF
The transitional measures in relation to the Personal Properties
Securities Act 2009 and Personal Properties Securities Register
will come to a close at the end of January 2014. Failing to
register relevant interests by that date may lead to grave
implications for you, your business or your clients. In this
article Angela Harvey, partner, and Euge Power, solicitor, show you
why you should take perfection and the end of the PPSR grace period
seriously.
When the Personal Properties Securities Register
(PPSR) opened for business, by virtue of the
Personal Properties Securities Act 2009 (the Act),
certain types of securities existing at the time were given
protection for two years to enable the holders of such security
interests time to register. The protection consisted of deemed
'perfection' of the interest during the grace period where
'perfection' consists of correct and timely registration of
the security interest on the PPSR.
