The recent New South Wales Supreme Court judgment of In the
matter of OneSteel Manufacturing Pty Limited (administrators
appointed) [2017] NSWSC 21 highlights the critical importance
of getting your Personal Property Securities Register
(PPSR) registrations right if you are the lessor
of plant and equipment or other goods.
In that case, Alleasing Pty Limited (Alleasing)
had leased a crusher and spare parts to OneSteel Manufacturing Pty
Limited (OneSteel). The crusher lease and spare
parts lease were PPS leases within the meaning of section 13 of the
Personal Property Securities Act 2009
(PPSA) and Alleasing had registered a financing
statement in respect of the crusher, and later the spare parts.
However, the registrations were against OneSteel's 11 digit
Australian Business Number (ABN) and not its 9
digit Australian Company Number (ACN) as
prescribed by the Personal Property Securities Regulations
2010 (Cth) (Regulations).
