The Personal Property Securities Act 1999 has been in effect now since 2002, and provided a system for security holders to register a financing statement on the Personal Property Securities Register (PPSR) to retain their security priority. However, these financing statements 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. This means that if you registered a financing statement five years ago and chose the automatic expiry date option, that financing statement is due to expire (and may already have). We also note that the Ministry of Economic Development will not be providing reminders!
If you are concerned about the status of your security interests you can access the PPSR website at www.ppsr.govt.nz, or simply contact us and we will help you immediately.