Issue 27 – May 2011
The Ministry of Economic Development (MED) is reminding those with financing statements registered on the Personal Property Securities Register (PPSR) to renew their statements to check whether they are about to expire. Unless renewed, a financing statement will automatically expire 5 years after it was first registered, or at an earlier date if a lesser term was specified in the financing statement.
The MED does not send out reminders that a financing statement is about to expire so it is important that you regularly check for statements that are due to expire. There are useful reporting tools on the PPSR website (www.ppsr.govt.nz) to help you do these checks. If any secured party groups based in Christchurch require assistance in checking whether their financing statements are due to expire, please contact the MED (www.ppsr.govt.nz/cms/customer-support/contact-us).
Read more about financing statements (www.ppsr.govt.nz/cms/customer-support/news-and-public-notices/what-s-new/reminder-renew-fs).
Summarised from the Ministry of Economic Development's 'Business Update', April 2011.