ARTICLE · 01 NOVEMBER 2016

Delay not necessarily the death of your PPS interest

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Courts in WA and NSW have recently extended the time for PPS interest registration past the prescribed 20 business days.

AustraliaFinance and Banking

Murray Thornhill

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You may be aware of the general 20-business day deadline to register a security interest to ensure that your property does not end up in the hands of an insolvent customer's liquidator.

But if that deadline has already passed, you may think there is no point registering now, because you are too late anyway.

Or you may not even have known about the deadline before reading this article.

Either way, don't despair: courts in WA and NSW have recently extended the time for registration past the prescribed 20 business days.

The WA Supreme Court did so in Carson Investments Pty Ltd v Ausroc Metals Ltd [2016] WASC 267. The NSW Supreme Court did so in In the matter of Accolade Wines Australia Ltd and other companies [2016] NSWSC 1023.

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