If you have a need for speed, don’t allow this to compromise the correct registration of your PPSR security interest
In Rohrt, in the matter of Rose Guerin and Partners Pty Ltd (in liq) v Princes Square W24NY Pty Ltd,[1] the Federal Court of Australia held that as BMW failed to correctly register their security interest in a 2017 Ferrari GTC4 Lusso (by registering against the ACN of a corporate trustee but not against the […]
ReadmorePPSA: extension of time to register
The last 12 months has seen a number of court applications being made for an extension of time to register a PPSA security interest. In the following article, we summarise the key issues considered by the courts and provide practical tips for any secured party who finds themselves out of time to correctly register their […]
ReadmoreSeven Year Hitch – PPSR turns 7 years old
On 30 January 2012 the “Personal Property Securities Register” (PPSR) commenced operations. The PPSR is an electronic register of security interests which was established under section 147 of the Personal Property Securities Act 2009 (Cth) (PPSA). This commencement date of 30 January 2012 means that on 30 January 2019 the PPSR turned seven years old. […]
ReadmoreNot registering on the PPSR against an ACN CAN cause headaches
Yoni Baker, Lawyer, Melbourne In the recent case of IBM Global Financing Australia v Applied Business Technology Pty Ltd [2018] NSWSC 1984, corrupted internal procedures led to a number of registration errors on the Personal Property Securities Register (PPSR). Whilst relief was ultimately granted, the case is useful for highlighting the extensive time, effort and […]
ReadmorePPSR Registrations – the importance of getting it right
With the commencement of the Personal Property Securities Act 2009 (Cth) (PPSA) now more than seven years behind us, the importance of registering your security interests and getting the registrations right has become very apparent. A number of cases over these years demonstrate the cost of not having appropriate procedures in place for making registrations […]
ReadmorePersonal Property Securities Act – register or regret
State and local governments have large asset portfolios and enter hundreds – if not thousands – of property dealings every year. The Personal Property Securities Act 2009 Cth (the Act) has critical implications for common property transactions. Government property owners: need to be alert to the real risk of losing title to goods if appropriate […]
ReadmoreIn the matter of Assta Labels Pty Ltd: A “Warning Label” to ensure your PPSR registrations are correct
Registering your security interest on the Personal Property Securities Register (PPSR) correctly is a critical step in perfecting your security interest under the Personal Property Securities Act 2009 (Cth) (PPSA). A recent NSW Supreme Court case, In the matter of Assta Labels Pty Ltd [2018] NSWSC 1094 (Assta Labels) provides a good practical example of […]
ReadmorePossession remains only 9/10ths of the law post PPSA
Since the commencement of the Personal Property Securities Act in January 2012 (PPS Act) there appears to have developed a single minded attitude amongst Insolvency Practitioners that if :- they have an asset in their possession; and it is not subject to a registered security interest under the PPSA; then they are entitled to possession […]
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