Responding to a request for changes to a financing statement

How to accept, or challenge a change demand

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:

  1. Log in to the PPSR.
  2. Access your financing statement and select the ‘Change Demands’ tab.
  3. To view the change demand details, select the change demand number.
  4. Choose ‘Accept Change Demand’.
  5. Enter the financing statement PIN and click ‘Submit’.
  6. 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 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:

Level 1, 162 Victoria Street
Auckland 1010
New Zealand

Private Bag 92061
Victoria Street West
Auckland 1142
New Zealand

Our email address is:

compliance@companies.govt.nz

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