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In similar circumstances to those in Onesteel Manufacturing Pty Ltd (administrators appointed)  NSWSC 21, as we reported in April, the recent Supreme Court decision in Production Printing (Aust) Pty Ltd (in liquidation)  NSWSC 505 reinforces the importance of using the correct details of the grantor of a security interest when registering this interest on the Personal Property Securities Register (PPSR). Failing to use the correct details of the grantor can result in your security interest being defective and the asset relating to the security interest being lost.
In this recent case HP Financial Services (Australia) Pty Ltd ("HP") registered a security interest on the PPSR in relation to some leased printing equipment. The security interest was registered against Production Printing’s Australian Business Number (ABN) rather than its Australian Company Number (ACN). After Production Printing was placed into voluntary administration on 22 July 2016, HP were notified that the administrators considered their PPSR registration to be defective.
In the Onesteel case the Court found that pursuant to the requirements for registration under section 153 of the Personal Property Securities Act 2009 (Cth) (PPSA), the registration in this case was defective because it was registered against the company’s ABN instead of the ACN.
In this case, HP argued that section 166 of the PPSA preserved their security interest regardless of an irregularity or error. This argument was rejected by the Court on the basis that this section of the PPSA only applied to allow a secured party to correct a registration where the defect in a registration arose from events beyond the secured party’s control.
The Court’s decision in this case reaffirms the decision in Onesteel and serves as a further reminder of the importance of using accurate information and registering a security interest in a timely manner, namely prior to the grantor becoming insolvent.
For details on the Court’s decision in Onesteel Manufacturing Pty Ltd (administrators appointed)  NSWSC 21, see our April article.