Litigation Update - August 2013: Recent Decision Reinforces The Importance Of Perfection Under Australia's PPSA

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On 27 June 2013, Brereton J of the Supreme Court of NSW gave judgement in the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852, a case that dealt with priorities under the Personal Properties Securities Act 2009 (PPSA). This decision highlights the dangers of not perfecting a security interest and confirms that Australian courts will look to decisions of the Canadian and New Zealand courts for guidance when interpreting the PPSA.

THE FACTS -

In May and August 2010, the first defendant, Queensland Excavation Services (QES), purchased caterpillar excavators (Excavators). Concurrently, QES leased the Excavators to Maiden Civil (P&E) Pty Ltd (Maiden) for civil construction work in the Northern Territory (Leases). The Leases were not registered by QES under the PPSA or by any other means.

Please see full Update below for more information.

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Topics:  Australia, Personal Property Security Act

Published In: General Business Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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