The Personal Property Securities Act 2009 (Cth) (PPSA) established a two year temporary protection period for security interests created before 30 January 2012. During this time, such interests are deemed to be perfected, even if they are not registered on the Personal Property Securities Register (PPS Register) or perfected by another means.
The temporary protection period ends on 30 January 2014, less than 10 months from now.
It is essential that you ensure all your security interests have been registered on the PPS Register before this date or you risk losing the priority of your interests. There is also the risk that the personal property the subject of the security interest will be vested in the grantor of the security interest if the grantor becomes insolvent.