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ARTICLE · 04 SEPTEMBER 2012

You've registered on the PPS Register: now what?

Cooper Grace Ward
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A recent decision of the Federal Court highlights the need for creditors to actively enforce their security interests.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Carly Ashwood
Carly Ashwood
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A recent decision of the Federal Court highlights the need for creditors to actively enforce their security interests.

As a result of the decision, creditors should:

  • ensure they have precise details of personal property subject to their security interest
  • be specific when describing property on the PPS Register
  • have systems that track the location of property
  • consider putting name plates on property that is on hire.

The facts

The case is Carson, in the matter of Hastie Group Limited (No 3) [2012] FCA 719 (5 July 2012). The Hastie Group consisted of 44 companies holding plant and equipment across 36 different sites.

The Hastie Group failed to maintain adequate records of their assets and on entering into administration, the administrators discovered 995 registrations against the company on the Personal Property Securities Register (PPS Register).

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