Tag Archives: Corporations Act 2001 (Cth)

Unperfected security interest – Lessee’s administrator successfully resists landlord’s PPSA claims over plant and equipment

In the judgment of Flown Pty Ltd (Administrators Appointed) v Goldrange Pty Ltd & Another, a lessee’s administrator successfully resisted a landlord’s claim to possession of plant and equipment located at the leased trading premises as security for a loan. In coming to this decision, the Supreme Court of Western Australia provided guidance as to what constitutes “possession” for the purposes of perfecting a security interest under the Personal Property Securities Act 2009 (Cth) (PPSA).

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Proposed amendments to the Corporations Act members’ register requirements

How do you communicate with your colleagues, clients, friends and even strangers? There’s a fair chance that a high proportion of this correspondence is undertaken through electronic means – instant messenger services, SMS or good, old-fashioned email.

Up until now, however, all formal communications between companies and their members are, generally, undertaken through traditional mail, using the street address of each member in the company’s register.

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11-figure ABN adds up to 7-figure dollar loss as Supreme Court rules on defective PPSR registration

On 2 May 2017, the Supreme Court of New South Wales handed down its decision refusing an application to extend time to register a security interest in Production Printing (Aust) Pty Ltd (in liquidation) [2017] NSWSC 505.

The decision followed shortly after that of OneSteel Manufacturing Pty Ltd (administrators appointed) [2017] NSWSC 21 (OneSteel) in which it was held that registering a security interest on the Personal Property Security Register (PPSR) against a grantor’s Australian Business Number (ABN) rather than its Australian Company Number (ACN) affords no protection and will result in the security interest vesting in the grantor if it becomes insolvent.

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