If a debtor, or another party with an interest in personal property, believes certain details in a financing statement are wrong, they can ask that they be corrected. This is called a 'change demand'.
If you agree with a request for change to a financing statement, you should accept the change demand rather than amending or discharging the financing statement.
Accepting a change demand
It’s a simple process for a secured party to accept a change demand. To do this, you’ll need the financing statement registration number and PIN.
To accept a change demand:
- Log in to the PPSR.
- Access your financing statement and select the ‘Change Demands’ tab.
- To view the change demand details, select the change demand number.
- Choose ‘Accept Change Demand’.
- Enter the financing statement PIN and click ‘Submit’.
- An email notification and verification statement will be sent to each secured party within the secured party group.
There is no fee for accepting a change demand.
Challenging a change demand
To prevent the automatic acceptance of a change demand and maintain the registration, a secured party must obtain a court order. This must be received by us within 15 working days of the notice being given by the PPSR to the secured party.
Please refer to sections 162 – 169 of the Personal Property Securities Act 1999 (PPSA) for more information.
The court may decide to maintain the financing statement, discharge or amend it; or it can choose another course of action, for example, an interim injunction.
You can send the court order to us by email, or by delivering it to our address below:
162 Victoria Street
Private Bag 92061
Victoria Street West
Our email address is: