Since the commencement of the PPSA on 31 January 2012 there have been five Australian cases in which the judges have referred to the Act.
In this paper I will discuss these cases and the lessons to be learnt from them. APPSR is a reference to the cases reported in the Australian Personal Property Securities Law Reporter.
The first case was Carson, In the Matter of the Hastie Group Limited (No 3),(2012) APPSR ¶701-001, FCA 719), where orders were made for the administrator to sell property which was subject to PPS registration.
The next decision was In the matter of Barclays Bank plc (2012) APPSR ¶701-003  NSWSC 1095 where the applicant sought an extension of time under s 588FM of the Corporations Act 2001. The security had been registered outside 20 business days and therefore would be at risk in the event of the insolvency of the grantor.
I will discuss this case in conjunction with Cardina nominees.
In the first two months on 2013 we have had three more cases.
In Crossmark Asia v Retail Adventures (2013) APPSR ¶701-004  NSWSC 55 the case involved an ownership dispute in relation to a consignment of electric ovens and a consignment of fans, between the applicant and the administrator of Retail Adventures.
Next was In the matter of Cardinia Nominees Pty Ltd (2013) APPSR ¶701-005;  NSWSC 32 which also involved a request for an extension of time to register a security interest.
The final case so far is In the matter of Cancer Care Institute of Australia Pty Limited (administrator appointed) (2013) APPSR ¶701-006;  NSWSC 37 which involved a dispute over whether some equipment was a fixture. IN considering this issue the court considered the relevance of a purchase money security interest (PMSI) being registered.
This is an overview to a presentation I am giving to the South Australian Bar, the South Australian division of ALLA and a number of our customers.
A copy of the presentation is available here.
Anne Wardell is the Deputy Editor in Chief of the Law & Business team at CCH.