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ARTICLE · 17 DECEMBER 2019

Your Personal Property Security Registration may be expiring!

Worrells
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Registration cannot be renewed and extended once it expires so you need to regularly review registrations and expiry dates.

AustraliaCorporate/Commercial Law
Nikhil Khatri
Nikhil Khatri
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And if it has already, you can still reduce your exposure.

It may be hard to believe but the Personal Property Securities Act 2009 (PPSA) turned seven years' old on 30 January 2019. That's right, on 30 January 2012, over 40 different registers were replaced with the revolutionary national system that is the Personal Property Securities Register (PPSR). Seven years on, a lack of intensive awareness campaigning and education has left many small businesses still grappling with some basic PPSA concepts and/or accurately registering their security interests on the PPSR. Some key amendments to the legislation catered for the short-term hire industry, which made headlines over the years, and 30 January 2019 marked another key milestone for many businesses with registrations.

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