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PPSA: Court extends time to register a security interest

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: [...]  READ MORE →

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Personal Property Securities Act 2009 (Cth) – One year after inception of the PPSR

The following examples outline issues that have arisen since the commencement of the Personal Property Security Register (PPSR) on 30 January 2012.

WOW Sight and Sound
This Queensland based electronics retailer went into receivership on 27 February 2012. It was the first major receivership after the commencement of the PPSR. Many unregistered creditors including a lot of retention of title (ROT) suppliers were caught out as the receivers advised that they would only honour ROT claims where there was a registered security interest on the PPSR. [...]  READ MORE →

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Title under the PPSA – always the bridesmaid

Maiden Civil (PE) Pty Ltd: Richard Albarran and Blair Alexander Pleash as Receivers and Managers of Maiden Civil (PE) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSW SC582.

Read the case here.(link is external)

Introduction and background

After a sometimes anxious wait, at last there is a substantive decision of a Court considering some of the key provisions of the Personal Property Securities Act 2009 (Cth) (“PPSA“). The regime put in place by the PPSA commenced on 30 January 2012. On 30 and 31 October 2012, Brereton J in the Supreme Court of New South Wales heard the case of Maiden Civil, and late last month handed down a decision which gives the commercial and legal world some guidance on key provisions of the PPSA. [...]  READ MORE →

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The importance of identifying securities registered on the PPSR

In the case of Carson, in the matter of Hastie Group Limited (No 3) [2012] FCA 719, Yates J determined an application brought by the administrators of the Hastie Group of 43 companies to collect signed but undated creditors voluntary liquidation appointment documents for directions under section 447D of the Corporations Act 2001 (Cth) permitting them to dispose of certain plant and equipment.

The administrators’ investigations revealed that the Hastie Group held at the time of their appointment, a large number of individual items of plant and equipment at 36 different locations with an estimated total auction value of $6.4 million. [...]  READ MORE →

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Requirement to file a Genuine Steps Statement

On 23 March 2012, the Federal Court of Australia in Superior International Pty Ltd ACN 126 853 558 v Ahearn Fox Patent and Trade Mark Attorneys [2012] FCA 282 (23 March 2012) held that an Applicant seeking orders to set aside a Statutory Demand issued by the defendant must file a genuine steps statement before initiating proceedings. The requirement of a genuine dispute about the existence of the debt claimed in a Statutory Demand is provided for in s459H(1)(a) of the Corporations Act 2001. Reeves J referred to section 3 of the Civil Dispute Resolution Act 2011 which provides that the object of that Act is to ensure that ‘people take genuine steps to resolve disputes before certain civil proceedings are instituted.’ [...]  READ MORE →