Personal Property Security Register – Potential Disaster

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If you provide leasing finance, or have lent money for the purchase of an asset by a third party, your interest in the asset may be lost in the event of the third party going into liquidation. This can also extend to the leasing, hiring or lending of assets to third parties. We strongly recommend that you register your security interest on the Personal Property Security Register. To obtain the highest level of priority, this should be ...

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Not Quite the Result He Was Looking For!

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An Applicant found himself in the unfortunate position of having an award of costs on an indemnity basis made against him in the Supreme Court on 18th August 2014.

The Plaintiff described himself as His Royal Highness, King of the Whiting Kingdom, Baron of the Whiting region, King Steven 1 ATF Steven James Whiting. As it turned out Mr Whiting represented himself, seeking to have Family Court orders which had been made in favour of his wife, reversed. In ...

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Proofs of Debt – Should a Secured Creditor Lodge One in a Liquidation?

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If you are a creditor of a Company placed into Liquidation, but you are holding a security such as a mortgage or Personal Property Security Act charge over property of that Company, you should take legal advice before you respond to a request by the Liquidator to lodge a proof of debt.

Section 554E of the Corporations Act, provides for a secured creditor to surrender their security and prove for the whole debt balance, or realise that part ...

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