A banker asked us: Re-registering PPSA registrations after they have lapsed

Q: I just found out from my back office that the only PPSA registration the bank holds against our borrower expired without having been renewed. Is it possible for the bank to file a late renewal and regain its first priority position against the borrower’s other secured creditors?

Filed under:
Canada, British Columbia, Banking, Insolvency & Restructuring, Gowling WLG, Secured creditor
Authors:
Matthew E. Mitchell
Location:
Canada
Firm:
Gowling WLG