In the matter of MC XXIV Pty Ltd (in liquidation) [2023] NSWSC 767

Supreme Court New South Wales

Medium Neutral Citation: In the matter of MC XXIV Pty Ltd (in liquidation) [2023] NSWSC 767 Hearing dates: 27 June 2023 Date of orders: 6 July 2023 Decision date: 06 July 2023 Jurisdiction: Equity - Corporations List Before: Williams J Decision: See orders at [44]. Catchwords: CORPORATIONS — Securities — Registration — Registration more than 20 business days after security agreement came into force and less than six months before grantor went in liquidation — Application to fix later registration time to avoid security interests vesting in grantor pursuant to s 588FL(4) — Where failure to register securities earlier due to inadvertence — Whether interests of unsecured creditors would be prejudiced — No question of principle. Legislation Cited: Corporations Act 2001 (Cth) ss 500(2), 513B, 588FL, 588FL(1)(b), 588FL(2)(b)(i), 588FL(2)(b)(ii), 588FL(2)(b)(iii), 588FL(2)(b)(iv), 588FL(4), 588FM, 588FM(2)(a)(i), 588FM(2)(a)(ii) Personal Property Securities Act 2009 (Cth) Cases Cited: In the matter of Appleyard Capital Pty Limited; 123 Sweden AB v Appleyard Capital Pty Limited (2014) 101 ACSR 629; (2014) 32 ACLC 14-041; (2014) 10 BFRA 1; [2014] NSWSC 782 In the matter of H&H Funding Pty Ltd [2022] NSWSC 1354 In the matters of 4 in 1 Wyoming Pty Ltd & the companies listed in Schedule A to the Originating Process (2017) 120 ACSR 167; [2017] NSWSC 407 Kaizen Global Investments Ltd v Australia New Agribusiness & Chemical Group Ltd (ACN 142 976 065) (in liq) and Others (2017) 120 ACSR 220; (2017) 35 ACLC 17-016 [2017] FCA 431 One Corporate Trust Services Ltd v MLSP Assets Pty Ltd in its capacity as trustee for the MLSP Assets Trust [2022] FCA 555 Texts Cited: N/A Category: Procedural rulings Parties: J&D Damjanovic Pty Ltd (ACN 162 993 771) (First Plaintiff) Damjanovic Holdings Pty Ltd (ACN 132 638 469) (Second Plaintiff) Magnolia Funding Pty Ltd (ACN 630 122 771) (in liquidation) (First Defendant) Magnolia Project Management Pty Ltd (ACN 630 379 716) (in liquidation) (Second Defendant) MC XXIV Pty Ltd (ACN 626 039 085) (in liquidation) (Third Defendant) MA SOF 54 Pty Ltd (ACN 637 383 138) (in liquidation) (Fourth Defendant) Magnolia Lending Pty Ltd (ACN 629 617 416) (in liquidation) (Fifth Defendant) Magnolia Capital Holdings Pty Ltd (in liquidation) (Sixth Defendant) Representation: Counsel: Ms N Bailey (Plaintiffs) Submitting Appearance (Defendants)