In the matter of Qenos Pty Ltd (administrators appointed) [2024] NSWSC 483

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Qenos Pty Ltd (administrators appointed) [2024] NSWSC 483 Hearing dates: 29 April 2024 Date of orders: 30 April 2024 Decision date: 30 April 2024 Jurisdiction: Equity - Corporations List Before: McGrath J Decision: See [129] Catchwords: BAILMENT — Personal Property Securities Act 2009 (Cth) — where administrators of corporation contend there is a "PPS lease" pursuant to s 13(1)(b) (repealed) — where administrators contend the PPS lease is an unperfected security interest that vested in the corporation pursuant to ss 267(1)(a)(ii) and (2) PPSA — where the time at which the bailment arose is material — application of ss 13(2)(b) and (3) PPSA — HELD — the bailment is not a PPS lease CORPORATIONS — voluntary administration — third party property in possession of company — whether s 441F of the Corporations Act 2001 (Cth) applies — where the third party has exercised a power in relation to the property — HELD — s 441F applies and leave under s 440(2)(b) of the Corporations Act would otherwise be granted Legislation Cited: Corporations Act 2001 (Cth) Personal Property Securities Act 2009 (Cth) Cases Cited: Big Top Hereford Pty Ltd v Gavin Thomas as Trustee of the Bankrupt Estate of Douglas Keith Tyler [2006] NSWSC 1159 Brambles Security Services Ltd v Bi-Lo Pty Ltd (1992) Aust Torts Reports 81–161 Bredenkamp v Gas Sensing Technology Corporation, in the matter of Welldog Pty Ltd (In Liq) (Receivers and Managers Appointed) [2017] FCA 1065 Canberra International Airport Pty Ltd v Ansett Australia Ltd (2002) 41 ACSR 309; [2002] FCA 329 Forge Group Power Pty Ltd (in liq) v General Electric International, Inc (2016) 305 FLR 101 Hobbs v Petersham Transport Co Pty Ltd (1971) 124 CLR 220; 45 ALJR 356 Topaloglu v UPS SCS (Australia) Pty Ltd [2011] QSC 217 Category: Principal judgment Parties: Indorama Ventures Oxides Australia Pty Ltd (ACN 083 984 187) (Plaintiff) Jason Ireland, Matthew Caddy, Damien Pasfield and Jason Preston in their capacity as joint and several administrators of Qenos Pty Ltd (First Defendants) Qenos Pty Ltd (administrators appointed) (ACN 054 196 771) (Second Defendant) Representation: Counsel: J Giles SC and C Winnett (Plaintiff) A Leopold SC and C Tam (Defendants)