Personal Property Securities Update - July 2013 (Australia)

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PPS CASES START TO FLOW -

This update highlights recent and upcoming developments relating to the Personal Properties Securities Act 2009 (Cth) ("PPSA"). We also examine some of the key issues dealt with by recent case law relating to the PPSA including the common questions and circumstances which are arising from a lack of familiarity with the PPSA or as a consequence of the operation of the PPSA.

Some of the case law is well known (and to that extent, we merely highlight the outcome of the relevant case), however, the most recent judgment of the NSW Supreme Court (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) ("Maiden Civil Case") provides useful insight into the operation of the PPSA and particularly the most confronting aspect of it, being that ownership/title to an asset will not in all circumstances protect the owner against the rights of third parties.

Please see full Update below for more information.

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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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