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21 Feb 17
A defect in the registration of a PPSR security interest can potentially cost millions
The case of Re OneSteel Manufacturing Pty Ltd (administrators appointed) reinforces the importance of registering a security interest on the Personal Property Securities Register against the correct details for the grantor as required by the legislation. Failure to do so may mean that the security interest will be lost.
10 Feb 17
PPSA update: appeal dismissed in Forge Group case - lessors (and buyers) beware
The New South Wales Court of Appeal has dismissed an appeal by PowerRental Op Co Australia LLC and Power Rental Asset Co Two LLC against the decision of the New South Wales Supreme Court in Forge Group Power Pty Limited (in liquidation (receivers and managers appointed) v General Electric International Inc & Ors (2016) 305 FLR 101 by confirming the Personal Property Securities Act 2009 (Cth) applied to the lease of equipment in question.
23 Jan 17
Did your registrations migrate to the PPSR without an end date? Act before 31 January 2017 to avoid losing your registration
When the Personal Property and Securities Register commenced on 30 January 2012, millions of security interests migrated to the PPSR from various registers of security interests in Australia. The PPSA provided a grace period of 60 months to allow time to rectify registrations that were migrated without an end date. This period is coming to an end on 31 January 2017.
17 Jun 16
The new property tax for foreign investors in Queensland and considerations for lenders
On 9 June 2016, Treasurer Curtis Pitt announced that the Queensland Government will introduce a new 3% surcharge on stamp duty for foreign investors who purchase residential property in Queensland. He expects the fee to raise $15 million in its first year and $25 million a year in future years.
20 Nov 15
Addressing the concerns on farm debt and agricultural finance
A State Government rural banking roundtable will give further consideration to the ongoing concerns relating to farm debt and agricultural finance.
23 Jun 15
Automatic vacation clauses in trusts can spell danger in distressed sales
Almost inevitably, trust deeds will contain a clause which automatically removes the trustee or requires the trustee to resign in certain events, particularly receivership or liquidation. Trust deeds must be reviewed to ensure the trustee is not automatically removed after appointment of a receiver, and if there is doubt, consider applying to the Court for a declaration approving the sale.
1 Aug 14
Automatic removal of a trustee - When do you need court approval to sell trust assets?
The recent case of Kitay has provided some clarity on when a liquidator should apply for a court order to sell trust assets, and whether a liquidator of a corporate trustee has a statutory power of sale over and above the corporate trustee’s powers under a trust deed and at general law.
15 Jul 14
Can a self managed super fund invest in bitcoins?
As the debate about regulation and taxation of Bitcoin continues, the concept of bitcoins as an investment also remains relevant, especially for tech-savvy and speculative investors. However, the legal status of bitcoins as an investment by regulated investors including SMSFs remains unclear.
29 Jul 13
New BCCM Form 14 (version 11) Information Statement
A new BCCM Form 14 (version 11) – Information Statement has been introduced for use in all new contracts for the sale of a community title scheme lot on and from 1 August 2013.
5 Jul 13
PPSA - Ownership is not enough: it’s a matter of priority
Since its commencement some 18 months ago, many familiar with the Personal Property Securities Act 2009 (Cth) (PPSA), have been waiting with eager anticipation for guidance from the Australian Courts on the PPSA and its provisions, particularly in relation to leases of equipment.
8 Feb 13
The Revised Code of Banking Practice - 2013
Following an independent review and consultation process the revised Code of Banking Practice commenced on 1 February 2013. Subscribing financial institutions have 12 months to update their systems, processes, documentation and to train staff to ensure compliance by 1 February 2014. This Focus highlights some of the key changes to the Code.
20 Sep 12
ATO obtains priority over secured creditor
A recent decision in the Full Federal Court indicates that secured creditors need to be aware that the Australian Taxation Office (ATO) may use section 260-5 notices to advance its position over secured creditors and secured creditors should take action to protect their position. McCullough Robertson, partner and finance specialist, Peter Kennedy outlines this significant decision.
13 Jan 12
Personal Property and Securities Act to commence 30 January
The Attorney General has now confirmed that the Personal Property Securities Act 2009 (Cth) (PPSA) will commence on 30 January 2012 (Commencement Date).
5 Sep 11
Personal Property Securities Act 2009 update - commencement postponed
Changes to the PPSA have been further delayed to early 2012, Peter Kennedy discusses the importance of this delay and the implications for industry.
25 Feb 11
Commencement date for PPSA deferred to October 2011
Recommendations from the Council of Australian Governments Business Regulation and Competition Working Group to defer the commencement date of the Personal Property Securities Act 2009 (PPSA) from May 2011 to October 2011 have been accepted. We outline why and what that means for your business.