Introduction
This paper provides a basic outline of the key provisions of the Personal Properties Securities Act 2012 (Cth) (PPSA) and a detailed examination of eight cases adding to our understanding of the application of the PPSA to varying factual scenarios.
The first case, AWE v Clough considered what constitutes, arguably, security interests adding to the categories which may be considered capable of being registered and subsequently enforced, as well as the factors a court will take into account when exercising its discretion to fix a later date for the registration of security interests.
The second case, Laurus v Mitsui, considered whether moneys paid into Court by way of security for costs pursuant to a consent order give rise to a security interest under the PPSA, whether the consent orders constitutes a transaction under the PPSA and whether and whether the interest is created or arises under general law and falls within the PPSA.
The third case, De Bourbel, considered whether a lease of goods and bailment constituted a PPS lease within the meaning of the PPSA. This was considered in the context of whether section 267 of the PPSA applied such that an unperfected PPS lease vested in a company that has gone into liquidation.
The fourth case, Resilient v Spitfire Corporation, considered whether tax refunds constituted a circulating asset and to which creditor the liquidator needed to distribute those recovered monies to in the course of the winding up.
The fifth to eighth cases illustrate more recent applications of the PPSA to fact scenarios that have arisen further demonstrating the continued development of the law in this area.
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