In the matter of T.T.L. Australia Pty Ltd (recs & mgrs apptd) (in liq) [2023] NSWSC 875

In the matter of T.T.L. Australia Pty Ltd (recs & mgrs apptd) (in liq) [2023] NSWSC 875

The plaintiff failed to register the security interest under the mistaken belief registration was not possible without ownership, which constitutes inadvertence as defined by s 588FM; the Court is satisfied no relevant prejudice to creditors arises from the late registration because the register otherwise showed a claimed interest throughout. The Court exercises discretion to fix the registration time as the earlier date sought.

Parties
Plaintiff: Asset Rental Group (Holdings) Ltd; First Defendant: T.T.L. Australia Pty Ltd (recs & mgrs apptd) (in liq); Second Defendant: Richard Albarran; Third Defendant: Brent Kijurina; Fourth Defendant: Bruce Gleeson
Jurisdiction
Australia
Judgment Date
21 July 2023
Procedural Posture
Originating Process / Application for Orders Under Corporations Act S 588 FM
Outcome
Relief granted. Registration time for the security interest fixed pursuant to s 588FM Corporations Act as 30 June 2022.
Legal Topics
Registration Time for Security Interests, Extension of Time for PPSR Registration, Relief Under Corporations Act S 588 FM, Inadvertence in Registration of Security Interests
Corporations Law Insolvency Law Personal Property Securities Registration Time for Security Interests Extension of Time for PPSR Registration Relief Under Corporations Act S 588 FM Inadvertence in Registration of Security Interests

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Parties

Asset Rental Group (Holdings) Ltd

Plaintiff

T.T.L. Australia Pty Ltd (recs & mgrs apptd) (in liq)

First Defendant

Richard Albarran

Second Defendant

Brent Kijurina

Third Defendant

Bruce Gleeson

Fourth Defendant

Procedural Posture

Originating Process / Application for Orders Under Corporations Act S 588 FM

Legal Issues

  1. 1 Whether the Court should fix a registration time for the security interest granted to the Plaintiff pursuant to s 588FM of the Corporations Act
  2. 2 Whether the Plaintiff’s failure to register the security interest at an earlier date was due to inadvertence

Ratio Decidendi

The plaintiff failed to register the security interest under the mistaken belief registration was not possible without ownership, which constitutes inadvertence as defined by s 588FM; the Court is satisfied no relevant prejudice to creditors arises from the late registration because the register otherwise showed a claimed interest throughout. The Court exercises discretion to fix the registration time as the earlier date sought.

Court Disposition

Relief granted. Registration time for the security interest fixed pursuant to s 588FM Corporations Act as 30 June 2022.

Orders

  • Orders in accordance with the short minutes initialled by the judge and placed in the file.
  • Exhibit to be returned.