The transitional provisions of the Personal Property Securities Act 2009 (Cth) (PPSA) will end on 31 January 2014.
Securities, retentions of title and personal property lease interests created prior to 30 January 2012, that are not registered on the Personal Property Securities Register (PPSR) prior to 31 January 2014, will be at risk.
Such pre-existing registrable interests will lose their priority as against other secured interests which have been registered or even convert to unsecured interests. From 1 February 2014, security interests will be ranked according to time of lodgement.
Without delay, check whether all your security interests have been registered on the PPSR. If you would like our office to check this for you, or if you require urgent registration, please contact us as soon as possible.
For further information, or if you have any queries relating to the above or the PPSA, please contact Anthony Pointon, Laszlo Konya or Michael Bishop of our office on 03 9614 7707.
Please also refer to our Updates of 25 January 2013 and 4 September 2013, which also deal with these issues.
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