In the matters of PSI-Kinetix Pty Limited (ACN 609 106 096) and; PSI Pacific Managed Services Pty Limited (ACN 092 623 679) [2017] NSWSC 317

Supreme Court New South Wales

Medium Neutral Citation: In the matters of PSI-Kinetix Pty Limited (ACN 609 106 096) and; PSI Pacific Managed Services Pty Limited (ACN 092 623 679) [2017] NSWSC 317 Hearing dates: 27 March 2017 Date of orders: 27 March 2017 Decision date: 27 March 2017 Before: Gleeson JA Decision: (1) Subject to further order, the first, second, third and fifth defendants by themselves, their servants and agents each be restrained from registering or causing to be registered on the Personal Property Securities Register any further financing statement in respect of any security interest or purported security interest in personal property of the plaintiffs. (2) If a registration is made on the Personal Property Securities Register in breach of order 1, the second defendant is to remove it forthwith. (3) The first, second, third and fifth defendants by themselves, their servants and agents each be restrained from enforcing or taking any further steps to enforce the purported security interests registered on the Personal Property Securities Register with registration number 2016/12040006322. (4) Subject to further order, the first, second, third and fifth defendants by themselves, their servants and agents each be restrained from: (a) lodging with the Australian Securities and Investment Commission any notice of the purported appointment of any of the second, third and fifth defendants as "managing controller" of the plaintiffs; (b) seeking to act as a "managing controller" of the plaintiffs or any of them, or procuring further appointment as such. (5) The plaintiffs and the first, second, third and fifth defendants pay their own costs of and associated with these proceedings. Catchwords: PROCEDURE – orders by consent – final injunctive relief – where invalid security interests caused to be registered on the Personal Property Securities Register – where invalid appointment as 'managing controller' of plaintiff companies procured. Legislation Cited: Corporations Act 2001 (Cth), s 50 Supreme Court Act 1970, s 66 Cases Cited: Treasury Wine Estates Vintners Ltd v Garrett (2016) FCA 715 Category: Principal judgment Parties: PSI Kinetix Pty Limited (ACN 609 106 096) (First plaintiff) PSI Pacific Managed Services Pty Limited (ACN 092 623 679) (Second plaintiff) Westpac Banking Corporation (First defendant) Brendan Fitzallen (Second defendant) Steel-Con Holdings Pty Limited (ACN 074 545 587) (Third defendant) Peter Tran (Fourth defendant) Andrew Morton Garrett (Fifth defendant) Representation: Counsel: Ms S Foda (Plaintiffs) Mr D Rappoport (Solicitor) (First, Second, Third and Fifth defendants)