FSQ Bulletin: PPSA registrations – renew now to maintain your priority

Friday 4 May 2007

Security interests registered in the year the Personal Property Securities Act came into force are due to expire this year.

Unless renewed prior to their expiry date, security interests registered on the Personal Property Securities Register (the PPSR) will expire automatically after five years (or earlier, if a shorter term was specified on registration).

In order to maintain their priority, financing statements must be renewed before they expire. 

For all registrations made during the pre-load period up to 1 May 2002, their expiry date was 1 May 2007.  All registrations made after 1 May 2002 will expire automatically five years after the initial registration date.  In each case, the expiry date will be earlier if a shorter term was specified on registration.

How to find out when your financing statements are due to expire

To help keep track of when your financing statements are due to expire, you can create reports on the PPSR.  The service is free and easy to use:

• Access the PPSR website at www.ppsr.govt.nz;
  
  
• select "Miscellaneous" from the left hand menu;
  
  
• enter your Secured Party Group ID and password (this information would have been sent to the email address recorded on the financing statement as the contact email address for the Secured Party); and
  
  
• select "Financing statements due to expire".

The report lists all financing statements due to expire in a specified date range and all financing statements registered in a specified date range.

You can also view pending financing statements, financing statement registrations, financing statement discharges and a breakdown of financing statement registrations by collateral type.

Information required to renew

Before you can renew your financing statements, you will need to have the following information:

• User ID and password – to logon to the website;
  
  
• Secured Party User ID and password; and
  
  
• Financing Statement number and PIN.

If you are not already a registered user of the PPSR, go to the "Get User ID" tab at the bottom of the screen to get set up.

To retrieve a lost Secured Party ID or password, go to the "Contact Us" section on the website.

How to renew

In the PPSR website, use the renewal tool on the left hand menu under:
Financing Statements\Maintain Financing Statements\Renew.

For more information, call the PPSR Contact Centre on 0508 777 746, go to www.ppsr.govt.nz, or contact us:

Rachel Gowing
Senior Associate