In the matter of Apex Gold Pty Ltd [2013] NSWSC 881 the Supreme Court of New South Wales has applied section 588FM(1) of the Corporations Act 2001 (“the Act“) in order to extend the time for registration of security interests granted by Apex Gold Pty Limited (“Apex Gold“).
In summary, section 588FL(2) of the Act provides that when a company is being wound up, an administrator appointed or a deed of company arrangement is executed, any security interest vests in the company (ie not the secured creditor) if it was perfected by registration and became enforceable against a third party after the latest of the following: [...]