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

Bereavement Leave Confirmed for Miscarriages and Stillbirths 
New Zealand has become the second country in the world to pass legislation that provides bereavement leave for mothers and their partners after a miscarriage or stillbirth.
26.03.2021 Posted in Business Advice & Employment Law
Court of Appeal Overturns Employment Court’s Decision in Tourism Holdings
Tourism Holdings Limited v A Labour Inspector of the Ministry of Business, Innovation and Employment (Tourism Holdings) is the first decision in which the Employment Court considered section 8(2) of the Holidays Act 2003 (Act). The Court of Appeal has recently overturned this decision.
26.03.2021 Posted in Business Advice & Employment Law
Guarantees must be in writing and signed to be enforceable
For a guarantee to be enforceable, the requirements set out in section 27 of the Property Law Act 2007 (Act) must be strictly complied with.  This is what the NZSC held in Brougham v Regan. The key i...
19.03.2021 Posted in Business Advice
UK Supreme Court Delivers Decision on Uber Driver Employment Status
The distinction between employee and independent contractor can be complex, particularly where the nature of the business model blurs the lines of standard employment practices.
16.03.2021 Posted in Business Advice & Employment Law
Holidays Act Overhaul – Taskforce Recommendations
There have been calls for an amendment of the Holidays Act 2003 (Act) for some time.
16.03.2021 Posted in Business Advice & Employment Law
Unwanted Land Covenants and Easements: Seeking a Court Order
The Supreme Court recently considered an application by Synlait Milk to modify a land covenant restricting the burdened land use to farming, grazing and forestry operation to protect the ability of the benefited land owner to develop a quarry.  This article looks at the circumstances in which the courts might give relief to parties in an application to extinguish or modify a covenant or easement.
15.03.2021 Posted in Property Law
New ICC Arbitration Rules 2021 come into force
The revised International Chamber of Commerce (ICC) Arbitration Rules for 2021 (2021 Rules) have now come into force and apply to all ICC arbitrations begun after 1 January 2021.  While the new Rules...
10.03.2021 Posted in Litigation & Dispute Resolution
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.
-->