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Security Interest Reborn

Over two years have now passed since the introduction of the Personal Property Securities Act 2009 (PPSA) and we are now finally starting to see the courts provide some guidance on practical issues secured parties have been faced with since its inception.

In SFS Projects Australia Pty Ltd v Registrar of Personal Property Securities [2014] FCA 846, Justice Gleeson of the Federal Court rejected the Registrar’s argument for a narrower interpretation of the PPSA favouring a more practical application that will come as welcome relief to anybody dealing with the Personal Property Securities Register (PPSR). More…