September 6, 2019
The decisions of In the matter of Assta Labels Pty Ltd  NSWSC 1094 (Assta), In the matter of Psyche Holdings Pty Limited  NSWSC 1254 (Psyche and, In the matter of Highlake Resources Pty Ltd  FCA 1292 (Highlake) have added clarity to the factors courts will consider in assessing whether to grant an extension of time for registration on the ‘Personal Property Securities Act 2009 (Cth) (PPSA).
June 26, 2018
The decision in Chelliah v NSW Police  NSWSC 557 serves as a reminder that the Personal Property Securities Act 2009 (Cth) (PPSA) is not a panacea for any ownership issues arising. In this case, the purchaser of a vintage Lamborghini purported to register a security interest on the Personal Property Securities Register (PPSR) to assert title in the vehicle and sought to rely on the taking free provisions to claim a superior interest to that of the true owner who acquired title to the vehicle under a will. The PPSA did not assist, because the true owner did not have a ‘security interest’ for the purposes of the PPSA and so was not required to register any interest. The purchaser’s claim did not defeat that of an outright owner.
ILN Today Post
December 7, 2016
Authors: Antonello Corrado, Giovanna Canale, Silvia Viceconte
On May 3, 2016, the Decree Law 3 May 2016, no. 59, containing “Urgent provisions on enforcement and bankruptcy proceedings in favor of investors in banks in liquidation”, entered into force and introduced a new form of credit guarantee, the so-called non-possessory pledge.
This Decree was converted into Law no. 119 of 30 June 2016 and published in the Official Gazette no. 153 on July 2, 2016.
Article 1 of Decree Law no. 59/2016 stipulates that “Entrepreneurs registered in the Business Register may place a non-possessory pledge in order to guarantee the credits granted to them or to thirds, whether current or future, determined or determinable and with a forecasted maximum guaranteed amount, relating to the business activity of the enterprise”.