One Corporate Trust Services Ltd v MLSP Assets Pty Ltd in its capacity as trustee for the MLSP Assets Trust [2022] FCA 555

Federal Court of Australia

One Corporate Trust Services Ltd v MLSP Assets Pty Ltd in its capacity as trustee for the MLSP Assets Trust [2022] FCA 555 File number: VID 233 of 2022

Judgment of: BEACH J

Date of judgment: 12 May 2022

Catchwords: CORPORATIONS – securities – general security deed – collateral being all present and after acquired property- grantor acting in capacity as trustee – security under general security deed – securing of obligations under loan note subscription agreement – registration under the Personal Property Securities Act 2009 (Cth) – incomplete registration requirements – failure to perfect security interest – financing statement failing to disclose the identity of the grantor by reference to the ABN of the trust – grantor now in voluntary administration – extension of time applied for under s 588FM of the Corporations Act 2001 (Cth) – triggering of "later time" under s 588FL(2)(b)(iv) – extension sought for a time prior to critical time – orders made

Legislation: Corporations Act 2001 (Cth) ss 588FL, 588FM Personal Property Securities Act 2009 (Cth) s 153(1) Personal Property Securities Regulations 2010 (Cth), Sch 1, Pt 1, cl 1.5

Cases cited: Commonwealth Bank of Australia v HM Aircraft Holdings Pty Ltd (2021) 152 ACSR 63; [2021] FCA 447 Kaizen Global Investments Limited v Australia New Agribusiness & Chemical Group Limited (in liq) [2017] FCA 431

Division: General Division

Registry: Victoria

National Practice Area: Commercial and Corporations

Sub-area: Corporations and Corporate Insolvency

Number of paragraphs: 40