Background
A recent Federal Court of Australia decision in the
administration of the Hastie Group Limited (Hastie
Group)1 illustrates a number of important
points for administrators, secured parties and purchasers under the
new regime established under the Personal Property Securities Act
2009 (Cth) (PPSA). If you would like to discuss
the implications of this case with any of our PPSA or insolvency
litigation experts, please do not hesitate to contact us.
The facts
The administrators were faced with 995 registrations recorded
against the Hastie Group on the Personal Property Securities
Register (PPSR). They asked the secured parties (which included not
only lenders but also equipment lessors and persons that had
supplied goods on retention of title terms) for further information
to assist them to identify the property that was subject to the
security interest being claimed. This step was taken by the
administrators since (as the Judge specifically
