Tag Archives: Personal Property Securities Register

Registrations Due to Expire

Background

The Personal Property Securities Register (PPSR) was established on January 30, 2012, with options to register security interests over personal property for a period of (i) seven years; (ii) between seven and twenty-five years; or indefinitely. With yesterday marking seven years of the PPSR, the first round of registrations (some 120,000) are set to expire soon.

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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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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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