In the matter of Transurban CCT Pty Limited and Transurban CCT Nominees Pty Limited in its own capacity and as Trustee of the Transurban CCT Trust [2014] NSWSC 1909

In the matter of Transurban CCT Pty Limited and Transurban CCT Nominees Pty Limited in its own capacity and as Trustee of the Transurban CCT Trust [2014] NSWSC 1909

The failure to register within the required time was due to inadvertence or sufficient cause; as such, the Court has jurisdiction and, on balancing all considerations including potential for prejudice to unsecured creditors and the visibility of the security interests on the register, the order for extension is granted with liberty for relevant affected parties to apply to vary or discharge, if insolvency occurs within six months.

Parties
Plaintiff: Roads and Maritime Services; First Defendant: Transurban CCT Pty Ltd; Second Defendant: Transurban CCT Nominees Pty Ltd
Jurisdiction
Australia
Judgment Date
12 September 2014
Procedural Posture
Application Under Corporations Act / Application for Extension of Registration Time
Outcome
Repudiation time extended; orders granted with liberty to apply for certain parties
Legal Topics
Personal Property Securities, PPSA Registration Extension, Corporations Act S 588 FL, Corporations Act S 588 FM
Commercial Law Corporations Personal Property Securities PPSA Registration Extension Corporations Act S 588 FL Corporations Act S 588 FM

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Parties

Roads and Maritime Services

Plaintiff

Transurban CCT Pty Ltd

First Defendant

Transurban CCT Nominees Pty Ltd

Second Defendant

Procedural Posture

Application Under Corporations Act / Application for Extension of Registration Time

Legal Issues

  1. 1 Whether time for registration of security interests can be extended under s 588FM of Corporations Act 2001 (Cth)

Ratio Decidendi

The failure to register within the required time was due to inadvertence or sufficient cause; as such, the Court has jurisdiction and, on balancing all considerations including potential for prejudice to unsecured creditors and the visibility of the security interests on the register, the order for extension is granted with liberty for relevant affected parties to apply to vary or discharge, if insolvency occurs within six months.

Court Disposition

Repudiation time extended; orders granted with liberty to apply for certain parties

Orders

  • Pursuant to Corporations Act, s 588FM, 14 August 2014 be fixed as the later time for the purposes of s 588FL(2)(b)(iv) regarding specific registrations on the Personal Property Securities Register.
  • If within six months from 14 August 2014, winding up or administration commences or a deed of company arrangement is executed for the defendants, the liquidator, administrator, deed administrator and any unsecured creditor have liberty to apply to discharge or vary the order.