A transitional security interest is an arrangement or transaction that commenced prior to 30 January 2012 and, if it had commenced after 30 January 2012, it would have created a security interest under the PPSA. If you have a transitional security interest, you are, in most cases, temporarily protected until 31 January 2014, even if you have not registered your interest on the Personal Property Securities Register (PPSR).
This transitional protection period ends at midnight tomorrow. Businesses who fail to register their transitional security interests by that date risk losing their assets on a customer’s insolvency.
If you have not already done so, we encourage you to register your security interests on the PPSR.
For more information on the PPSA please click here, or contact a member of our PPSA team.