Knauf Plasterboard Pty Ltd v Plasterboard West Pty Ltd (In Liquidation) (Receivers and Managers Appointed) [2017] FCA 866

FEDERAL COURT OF AUSTRALIA

Knauf Plasterboard Pty Ltd v Plasterboard West Pty Ltd (In Liquidation) (Receivers and Managers Appointed) [2017] FCA 866 File number: NSD 439 of 2016

Judge: MARKOVIC J

Date of judgment: 1 August 2017

Catchwords: CORPORATIONS – application for declarations concerning validity, perfection and vesting of applicant's security interest – where liquidator appointed to respondent company – where s 588FL of the Corporations Act 2001 (Cth) or s 267 of the Personal Property Securities Act 2009 (Cth) (PPS Act) would cause applicant's security interest to vest in respondent company upon commencement of liquidation – where applicant alleges that a valid resolution for winding up of the respondent was not passed – where membership of respondent company affected by share buy-back – whether liquidator validly appointed – whether security interest vests in the respondent company STATUTES – application for declarations concerning perfection of applicant's security interest under the PPS Act – where receivers and managers appointed by applicant – where receivers and managers took steps to take possession of collateral – whether applicant had possession of collateral other than by seizure or repossession for the purposes of s 21(2)(b) of the PPS Act – whether appointment of receivers and managers sufficient to constitute possession – whether conduct of receivers and managers sufficient to constitute possession – whether conduct of receivers and managers constituted seizure

Legislation: Corporations Act 2001 (Cth) ss 9, 249H, 249J, 249L, 256B, 257A, 257F, 259F, 420, 588FL Personal Property Securities Act 2009 (Cth) ss 10, 21, 21(2)(b), 24(1), 24(2), 123, 124, 267