After 30 January 2017, there will be many invalid and unenforceable security instruments due to the expiration of a Personal Property Securities Register (“PPSR”) grace period.
The PPSR was created in 2012 by the Personal Property Securities Act 2009. The PPSR consolidated registrations of security interests over assets and personal property. Many of the initial registrations did not comply with the requirements of the new PPSR laws. Some registrations contained incomplete fields and did not contain an expiry date for the security.
Due to the enormity of the migration task at the time, a five year extension was given to allow affected parties to amend their registrations by 30 January 2017.