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ARTICLE · 18 FEBRUARY 2017

PPSA in practice – Big trouble in little security: Part 2

Bartier Perry Solicitors
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This paper addresses some of the practical issues encountered when advising clients on the operation of the PPSA.

AustraliaCorporate/Commercial Law
Oliver Shtein
Oliver Shtein
Karen Wong
Karen Wong
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Transitional time bomb – when is it no longer safe to rely on a transitional registration?

  1. The decision of the Victorian Court of Appeal in Central Cleaning Supplies (Aust) Pty Ltd v Elkerton [2015] VSCA 92 highlights one aspect of the importance of knowing whether a security interest is transitional or not. In the Central Cleaning case it was critical for the supplier secured party to show that its security interest was transitional as there was no registration and the supplier needed to rely on the transitional period (now expired) of two years from the start of PPSA.
  2. The facts of the case were as follows:
    • Central Cleaning Supplies (Aust) Pty Ltd (Central Cleaning) supplied cleaning equipment and products to Swan Services Pty Ltd (Swan Services). In September 2009, the financial controller of Swan Services signed a credit application. The credit application included a statement that the supply of goods was governed by Central Cleaning's 'Standard Terms

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