The maximum expiry time for a Collateral Registration is either 7 or 25 years depending on the collateral class. Upon this anniversary the Financing Statement will be automatically discharged. Therefore, to keep the Financing Statement registered you must renew it before the end of the seven or twenty five year periods. However, as this is a chargeable transaction you should do this as close to the end of the period as possible.
finPOWER Connect always registers and renews Collateral Registrations for the maximum period allowable under the PPSA, e.g. seven or twenty five years.
This section illustrates how to Renew one Financial Statement at a time, see the Bulk Update topic for information on how to renew multiple Financing Statements. This is the recommended procedure to renew Financing Statements.
To Renew a Collateral Registration held on the PPSR
- From the Security menu, click Security Statements.
- Select the Security Statement, with the Item that needs to be renewed.
- Click on the Security Items page and open the Security Item form by double-clicking the Item, or by clicking the
button in the row of the grid. - Click on the Renew Registration action from the PPSR B2G section of the Taskbar at the left of the form.
- A warning message will appear advising WARNING: This Registration is not due to expire until the 08/05/2025. Renewing a Registration incurs a fee, so please ensure this is what you want to do. Continue and Renew the Registration?. Click Yes to continue, or No to cancel.
- If the transaction is unsuccessful the Action Status will change from Send to Pending.
Note, do not go into edit mode.