What can be done where a security interest has not been registered within the required 15 days for a PMSI or 20 days for all other security interests?

A registration can still be made out of time. However super priority will be lost where a PMSI is registered out of time and a six month rule applies to all registrations made out of time so that priority will be lost where an insolvency event occurs within the period of six months from registration.

See section 588FM of the Corporations Act 2001 (Cwlth).  There have been a number of cases which have considered this section. See In the matter of Barclays Bank plc [2012] NSWSC 1095. In this case an extension of time was sought for registration of a security interest pursuant to section 588FM of the Corporations Act 2001 (Cwlth). See also In the matter of Cardinia Nominees Pty Ltd [2013] NSWSC 32 (1 February 2013). In this case it was unclear from the wording of a charge dated 3 August 2012 which party was responsible for registering the charge on the PPSR. The charge was finally registered on 7 September 2012 but this was outside the 20 days allowed for registration. An order was made extending the date of registration pursuant to section 588FM Corporations Act 2001 (Cwlth) to 7 September 2012.