Tag Archives: PPSR

A timely reminder: extensions of time for registration under PPSA

The decisions of In the matter of Assta Labels Pty Ltd [2018] NSWSC 1094 (Assta), In the matter of Psyche Holdings Pty Limited [2018] NSWSC 1254 (Psyche and, In the matter of Highlake Resources Pty Ltd [2018] 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).[1]

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Hip hip hooray, PPSR! But it may be time to renew your PPSR registration

The Personal Property Securities Register (PPSR), established on 30 January 2012, has celebrated its seventh birthday.

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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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Stop thief! Ownership rights and the Personal Property Securities Act

The decision in Chelliah v NSW Police [2018] 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.

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Financial Services in Focus – Issue 1

Funds and financial products

ASIC seeks consultation on fees-for-service draft legislation

On 11 April, the Government released draft legislation on the second phase of the ASIC industry funding model – the introduction of ASIC fees-for-service.

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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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Short term hire arrangements: further relief ahead?

Changes appear imminent in the Personal Property Securities Act 2009 (Cth) (PPSA) arena, as on 1 March 2017 the Personal Property Securities Amendment (PPS Leases) Bill 2017 (PPS Leases Bill) was tabled in the Federal House of Representatives.

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