In the matter of Production Printing (Aust) Pty Ltd (in liquidation) [2017] NSWSC 505

In the matter of Production Printing (Aust) Pty Ltd (in liquidation) [2017] NSWSC 505

HPFS's initial PPSR registration was defective because it was made against PPA's ABN rather than its ACN. Section 166 of the PPSA did not temporarily preserve the registration because the defect did not subsequently arise in a previously effective registration and, in any event, arose only because of an irregularity, omission or error in the financing statement. HPFS's security interests were therefore unperfected on 22 July 2016, the s 513C day, and vested in PPA under s 267(2) of the PPSA. Relief extending time for registration would have no utility, and the proceeding was dismissed.

Jurisdiction
Australia
Judgment Date
02 May 2017
Procedural Posture
Equity Corporations List; Corporations and Personal Property Securities Proceeding / Principal Judgment on Amended Originating Process Seeking Leave, Extensions of Time and Declarations Concerning PPSA Security Interests
Outcome
The proceedings are dismissed with costs.
Legal Topics
['defective PPSR Registration' 'registration Against ABN Rather Than Acn' 'temporary Perfection Under S 166 of the Personal Property Securities Act 2009 (cth)' 'vesting of Unperfected Security Interests' 'pps Lease' 'purchase Money Security Interest' 'voluntary Administration and Liquidation']
['personal Property Securities' 'corporations' 'insolvency' 'statutory Interpretation'] ['defective PPSR Registration' 'registration Against ABN Rather Than Acn' 'temporary Perfection Under S 166 of the Personal Property Securities Act 2009 (cth)' 'vesting of Unperfected Security Interests' 'pps Lease' 'purchase Money Security Interest' 'voluntary Administration and Liquidation']

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Procedural Posture

Equity Corporations List; Corporations and Personal Property Securities Proceeding / Principal Judgment on Amended Originating Process Seeking Leave, Extensions of Time and Declarations Concerning PPSA Security Interests

Legal Issues

  1. 1 ["Whether HPFS's PPSR registration against PPA's ABN rather than its ACN was defective and ineffective." "Whether s 166 of the Personal Property Securities Act 2009 (Cth) temporarily preserved the effectiveness or perfection of HPFS's defective registration." "Whether HPFS's security interest vested in PPA under s 267 of the Personal Property Securities Act 2009 (Cth)." "Whether HPFS's security interest vested in PPA under s 588FL of the Corporations Act 2001 (Cth)." 'Whether extensions of time under s 293 of the Personal Property Securities Act 2009 (Cth) or s 588FM of the Corporations Act 2001 (Cth) should be granted.']

Ratio Decidendi

HPFS's initial PPSR registration was defective because it was made against PPA's ABN rather than its ACN. Section 166 of the PPSA did not temporarily preserve the registration because the defect did not subsequently arise in a previously effective registration and, in any event, arose only because of an irregularity, omission or error in the financing statement. HPFS's security interests were therefore unperfected on 22 July 2016, the s 513C day, and vested in PPA under s 267(2) of the PPSA. Relief extending time for registration would have no utility, and the proceeding was dismissed.

Court Disposition

The proceedings are dismissed with costs.

Orders

  • ['The proceedings are dismissed.' "The Plaintiff must pay the First Defendant's costs of the proceedings, as agreed or as assessed."]