Our
Alert of 21 September 2009 discussed Re Octaviar Ltd
(No7) [2009] QCA 282, an appeal from the decision of Re
Octaviar Ltd; Re Octaviar Administration Pty Ltd [2009] QSC
37. In that case, the Queensland Court of Appeal reversed the first
instance decision. These cases dealt with the interpretation of
section 268(2) of the Corporations Act 2001 (Cth) and the
circumstances in which a "variation" to the terms of a
registrable charge, which has the effect of increasing the amount
of the debt or increasing the liabilities (whether present or
prospective) secured by that charge, will occur and require
registration with the Australian Securities and Investments
Commission (ASIC).
Our previous Alert of 21 September 2009 mentioned that any
application for special leave to appeal from the Queensland Court
of Appeal decision to the High Court must be filed by 16 October
2009. An application for special leave to appeal was filed on 15
October 2009.
