NAVIGATING THE NAUTICAL NUANCES.
As an island country we are a nation of boating enthusiasts with approximately one million boats registered in Australia. BCF isn't just a retailer, it's a way of life. How these assets are financed, registered, and protected can be murky waters, however. This article discusses what can happen in a liquidation for a creditor of a company in the maritime industry in respect to:
- How a status of a claim can be determined.
- The order of the priorities that apply to claims.
- How maritime liens work and how they intersect with the Personal Property Securities Act 2009 (PPSA).
- Other considerations as provided by the Corporations Act 2001.
Maritime law involving claims against ships in Australia is determined under the Admiralty Act 1988. Under the Admiralty Act, the court may hear and determine claims for maritime liens and also ‘proprietary' and ‘general' maritime claims relating to ships.
