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

What must be in an individual employment agreement to comply with legislation? You might be surprised!
Most employers know that an individual employment agreement (IEA) must be in writing and that they are required to retain a signed copy (or the current terms and conditions of employment that make up ...
18.06.2019 Posted in Employment Law
Employment Relations (Triangular Employment) Amendment Bill
You may have heard the phrase “triangular employment relationship” thrown around, particularly in the media. Although it sounds complicated, the phrase refers to a common employment relationship, ...
21.05.2019 Posted in Employment Law
Employment Law Changes – Today is the Day!
Today is the 6th of May - are you ready?!  
06.05.2019 Posted in Employment Law
Hesketh Henry – Employment Law Workshops
During 2019, Hesketh Henry’s Employment Law Team will present exclusive training opportunities to help employers navigate tricky workplace issues. Our employment law workshops have been established ...
29.04.2019
Payment Claims and Payment Schedules
The Payment Claim / Payment Schedule regime in the Construction Contracts Act 2002 (CCA) can be a powerful tool in assisting cashflow in the industry.  Please click here for a practical explanation o...
08.03.2019 Posted in Construction Law
A million reasons for Rangatira to be bitter about the Tuatara earn-out
The Court of Appeal’s decision in The Malthouse Ltd v Rangatira Ltd highlights some of the risks with earn-out arrangements and, in contrast to recent High Court rulings, illustrates a more traditio...
06.03.2019 Posted in Corporate & Commercial law
Don’t Let Your Guard Down
The risks arising from the use of unguarded machinery are well-known to the point of being blindingly obvious.  The measures to ensure the safe operation of machinery are usually straightforward.  W...
19.02.2019 Posted in Health & Safety Law
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.