Tedesco v LVT Capital Pty Ltd as trustee for the LVT Capital Discretionary Trust [2024] FCA 601

Tedesco v LVT Capital Pty Ltd as trustee for the LVT Capital Discretionary Trust [2024] FCA 601

It is reasonably arguable that the GSAs granted security interests to the plaintiffs, and the delayed PPSR registrations for the trusts were due to inadvertence. Under s 588FM, the delay is excused and a later time fixed as no creditor prejudice is attributable to the delay and it is just and equitable to grant relief.

Jurisdiction
Australia
Judgment Date
07 June 2024
Procedural Posture
Originating Process / Judgment
Outcome
Orders made under s 588FM; each party to bear its own costs.
Legal Topics
['security Interests' 'registration of Security Interests' 'personal Property Securities Act' 'voluntary Administration' 'priority of Creditors']
['corporations Law' 'commercial Law' 'corporate Insolvency'] ['security Interests' 'registration of Security Interests' 'personal Property Securities Act' 'voluntary Administration' 'priority of Creditors']

Case Brief

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Procedural Posture

Originating Process / Judgment

Legal Issues

  1. 1 ['Whether the loan agreements and GSAs granted security interests to the plaintiffs under the PPSA' "Whether the plaintiffs' applications for orders under s 588FM of the Corporations Act should be granted" 'Whether delayed registration of security interests should be excused due to inadvertance' 'Whether fixing a later registration time prejudices creditors, especially unsecured creditors']

Ratio Decidendi

It is reasonably arguable that the GSAs granted security interests to the plaintiffs, and the delayed PPSR registrations for the trusts were due to inadvertence. Under s 588FM, the delay is excused and a later time fixed as no creditor prejudice is attributable to the delay and it is just and equitable to grant relief.

Court Disposition

Orders made under s 588FM; each party to bear its own costs.

Orders

  • ["The parties are to confer and provide by email to the Associate to Shariff J any agreed or competing proposed short minutes of order to give effect to the Court's reasons, other than as to costs, by 4.00pm on 7 June 2024." 'The parties are to bear their own costs.']