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ARTICLE · 27 JULY 2017

Alleasing falls in PPSR trap

Carroll & O'Dea
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This recent decision shows just how costly an incorrect registration on the PPSR can be for a secured party.

AustraliaCorporate/Commercial Law
Selwyn Black
Selwyn Black
Nicholas Huang
Nicholas Huang
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The recent decision of In the matter of OneSteel Manufacturing Pty Limited (administrators appointed) [2017] NSWSC 21 shows how costly an incorrect registration on the Personal Property Securities Register (PPSR) can be for a secured party.

The Key Facts

  1. Alleasing Pty Limited (Alleasing) leased a crusher and screening plant (Crusher) to OneSteel Manufacturing Pty Limited (OneSteel).
  2. Alleasing registered its security interest over the Crusher by reference to OneSteel's ABN instead of OneSteel's ACN (Registration).
  3. OneSteel went into administration. The administrators considered Alleasing's PPSR registrations to be defective and that Alleasing's interest in the Crusher had vested in OneSteel pursuant to section 267 of the Personal Property Securities Act 2009 (Cth) (PPSA).

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