10.04.2019

The PPSR Files: Diarise your expiry dates!

Late last year, the Personal Property Securities Register (“PPSR”) upgraded its interface to a more user-friendly platform. However, some things have not changed. You will still not be notified by the PPSR ahead of time that your financing statements are due to expire.  You will only receive notification that it has expired after the fact, by which time your priority position may have been lost.  More on why this matters below.

A financing statement can be registered for a maximum period of five years (this is also the default period, although you can manually enter a shorter period).  To retain your priority position, your financing statement needs to be renewed prior to its expiry date.  The PPSR will not automatically notify you that your financing statement is due to expire.  So, it is important to diarise the expiry dates of your financing statements to ensure that renewal action is taken before the expiry date if required.

If your financing statement does expire, you can register the financing statement again, but your security position will rank behind any prior registered competing security interests.  That is, you will go to the back of the queue.  This could have a significant impact on your chances of recovery if you need to enforce the underlying security interest reflected by your financing statement in the future.  To make sure you retain your position in the queue, diarise the expiry dates of your financing statements and keep on top of your renewals. 

If you are unsure when your financing statements are due to expire, how to renew them or you’ve never heard of financing statements or the PPSR, we would be happy to help.

 

Do you need expert legal advice?
Contact the expert team at Hesketh Henry.
Kerry_100x100 1
Media contact - Kerry Browne
Please contact Kerry with any media enquiries and with any questions related to marketing or sponsorships on +64 9 375 8747 or via email.

Related Articles / Insights & Opinion

Do you really need a Fixed Term Agreement? Really really?
Most of us (and especially lawyers) like certainty.  Experience tells us however that there is nothing as uncertain as a sure thing.  Frequently, we speak to employers that are tempted to use fixed ...
28.11.2019 Posted in Employment Law
New National Interest Test Proposed for New Zealand’s Overseas Investment Rules
The New Zealand Government has recently announced yet more proposed changes to New Zealand’s overseas investment rules to be introduced early next year.
27.11.2019 Posted in Foreign Investment
ACP Cladding Update – Class Action Proposed
Media reports indicate that class action litigation in relation to ACP cladding is very likely.  A litigation funder has announced it will be funding a class action lawsuit for owners of buildings cl...
Complaints are on the rise: A snapshot of complaints made to the Commerce Commission
The Commerce Commission (Commission) has recently released a snapshot of the complaints it has received in the year to 30 June 2019.  A copy of the Commission’s report can be viewed here. The snaps...
25.11.2019 Posted in Regulatory
Unfair Contract Terms: High Court issues its first declaration
On 12 November 2019 the High Court issued its first declaration under the Fair Trading Act 1986 (FTA) that terms in a standard form consumer contract are unfair.[1]  The Commerce Commission (Commiss...
14.11.2019 Posted in Regulatory
Who is working when? Public holidays and ‘otherwise working days’
With Labour Day just around the corner, and Christmas/New Year looming, we are getting a few questions about the “otherwise working day”.
24.10.2019 Posted in Employment Law
A trust on a trust – how strange is that?
In New Zealand we are trust crazy and owning a home in trust is common place. For many, just as for Mr Hodgkinson in Judd v Hawkes Bay Trustee Company Limited [2016] NZCA 397, the trust has been set u...
21.10.2019 Posted in Trust Wills Estates
Send us an enquiry
For expert legal advice, please complete the form below or call us on (09) 375 8700.
  • This field is for validation purposes and should be left unchanged.