IBM Global Financing Australia v Applied Business Technology Pty Ltd [2018] NSWSC 1984

IBM Global Financing Australia v Applied Business Technology Pty Ltd [2018] NSWSC 1984

The court granted extension of time for the relevant PPSR registrations and found that the administrative/clerical errors in registration were inadvertent and not likely to prejudice other parties. Proper notification had been given to interested parties and the plaintiff had taken all reasonable steps to remedy the error and notify those with potential competing security interests. The Guardian Securities condition was attached, allowing parties further recourse. No evidence of prejudice or actual opposition was provided.

Jurisdiction
Australia
Judgment Date
18 December 2018
Procedural Posture
Application / Ex Parte, Final Orders on Extension of Registration Periods
Outcome
Application granted for extension of time and validation of registrations, with orders as specified.
Legal Topics
['personal Property Security Interests' 'purchase Money Security Interests (pmsi)' 'registration of Financing Statements' 'extension of Time for PPSR Registration' 'court Relief Under Corporations Act and Ppsa']
['equity' 'corporations Law' 'personal Property Securities'] ['personal Property Security Interests' 'purchase Money Security Interests (pmsi)' 'registration of Financing Statements' 'extension of Time for PPSR Registration' 'court Relief Under Corporations Act and Ppsa']

Case Brief

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Procedural Posture

Application / Ex Parte, Final Orders on Extension of Registration Periods

Legal Issues

  1. 1 ['Whether the period for registration of PMSIs under the PPSA and registration of security interests under the Corporations Act should be extended due to administrative errors' 'Whether error in use of ABN instead of ACN renders the PPSR registrations ineffective' 'Whether the extension of time would cause prejudice to other secured parties or creditors']

Ratio Decidendi

The court granted extension of time for the relevant PPSR registrations and found that the administrative/clerical errors in registration were inadvertent and not likely to prejudice other parties. Proper notification had been given to interested parties and the plaintiff had taken all reasonable steps to remedy the error and notify those with potential competing security interests. The Guardian Securities condition was attached, allowing parties further recourse. No evidence of prejudice or actual opposition was provided.

Court Disposition

Application granted for extension of time and validation of registrations, with orders as specified.

Orders

  • ['Certain second defendants (as listed) removed from proceedings.' 'Business days for relevant PPSA s 62 registrations extended so all specified registrations fall within time as prescribed by s 62(3)(b), as extended.' 'Liberty to apply reserved to any person/entity with a perfected security interest in the relevant...