In the matters of 4 in 1 Wyoming Pty Ltd & the companies listed in Schedule A to the Originating Process [2017] NSWSC 407

Supreme Court New South Wales

Medium Neutral Citation: In the matters of 4 in 1 Wyoming Pty Ltd & the companies listed in Schedule A to the Originating Process [2017] NSWSC 407 Hearing dates: 21 March 2017 Decision date: 13 April 2017 Before: Gleeson JA Decision: (1) Pursuant to s 588FM of the Corporations Act 2001 (Cth) (Corporations Act), 2 November 2016 is fixed as the time for the plaintiff to register on the Personal Property Securities Register (PPSR) each PPSR registration referred to in Schedule 1 to this judgment for the purposes of s 588FL(2)(b)(iv) of the Corporations Act; (2) Pursuant to s 588FM of the Corporations Act, 11 November 2016 is fixed as the time for the plaintiff to register PPSR registration numbers: (a) 2016110100344207; (b) 201611010036493; (c) 201611010035707; and (d) 201611010033068, on the PPSR for the purposes of s 588FL(2)(b)(iv) of the Corporations Act; (3) Pursuant to s 293(1) of the Personal Property Securities Act 2009 (Cth) (PPSA), the number of business days set out in s 62(3)(b) be extended by the appropriate number of business days relevant such that: (a) any registration on the PPSR made by the plaintiff on or prior to 2 November 2016 as contained in Schedule 2 to this judgment falls within the time period prescribed by s 62(3)(b) of the PPSA as extended by this order; (b) PPSR Registration No: 201611010036493 and 201611010035707 made by the plaintiff on 11 November 2016 falls within the time period prescribed by s 62(3)(b) of the PPSA as extended by this order; and (c) PPSR Registration No: 201611010026726 made by the plaintiff on 19 January 2017 falls within the time period prescribed by s 62(3)(b) of the PPSA as extended by this order; (4) If, within 6 months of 2 November 2016 any winding up of any of the first defendants occurs, or an administrator is appointed to any of the first defendants under ss 436A, 436B or 436C of the Corporations Act, or any of the first defendants execute a deed of company arrangement, liberty is reserved to any liquidator, administrator or deed administrator of any of the first defendants to apply to discharge or vary orders 1 and 2. (5) If, within 6 months of 11 November 2016 any winding up of Drinx Pty Ltd or Stuart Dickson Produce Pty Ltd occurs, or an administrator is appointed to any of those first defendants under ss 436A, 436B or 436C of the Corporations Act, or any of those first defendants execute a deed of company arrangement, liberty is reserved to any liquidator, administrator or deed administrator of any of those first defendants to apply to discharge or vary orders 1 and 2. (6) Any person or entity who has a perfected security interest over collateral the subject of any of the registrations set out in Schedules 1 or 2 to this judgment, other than any of the second defendants or third defendants to these proceedings, has liberty to apply to set aside, amend or vary any of orders 1, 2 or 3 of these orders on three days' written notice to the plaintiff. (7) The plaintiff has liberty to apply on three days' notice. (8) These orders be entered forthwith. Catchwords: CORPORATIONS – charges, debentures and other borrowings – security interests – registration – extension of time – where all relevant defendants joined to proceedings – whether extension of time to obtain effective and accurate registration of security interests offends against discretionary considerations required by relevant legislation. Legislation Cited: Corporations Act 2001 (Cth), ss 266, 436, 568, 588FL, 588FM Personal Property Securities Act 2009 (Cth), ss 10, 12, 13, 21, 21(3), 21(4), 55, 62, 153, 164, 293, 306, 307, 337A Personal Property Securities Regulations 2010 (Cth), Schedule 1, cll 1.2, 1.3, 1.5 Cases Cited: Bevillesta Pty Ltd v Imagine Un Ltd [2009] VSC 50; (2009) 69 ACSR 574 Re Accolade Wines Australia Ltd & Other Companies [2016] NSWSC 1023 Re Appleyard Capital Pty Ltd; 123 Sweden AB v Appleyard Capital Pty Ltd (2014) 101 ACSR 629; [2014] NSWSC 782 Re Black Opal IP Pty Limited [2013] NSWSC 1225 Re Cardinia Nominees Pty Ltd [2013] NSWSC 32 Re Carpenter International Pty Ltd [2016] VSC 118 Re Flinders Trading Co Pty Ltd [1978] 20 SASR 14 at [49]; (1978) 3 ACLR 218 Re Quality Blended Liquor Pty Ltd (2014) 102 ACSR 451; [2014] QSC 234 Re Transurban CCT Pty Ltd (in its own capacity and as trustee of the Transurban CCT Trust) [2014] NSWSC 1909 Category: Principal judgment Parties: Northern Managed Finance Pty Limited (Plaintiff) 4 in 1 Wyoming Pty Limited (ACN 145 601 618) and other named First Defendants in Schedule A to the Originating Process (First Defendant) ACN 603 303 126 Pty Ltd and other named Second Defendants in Schedule B to the Originating Process (Second Defendant) Architectural Glass and Cladding Pty Ltd and other named Third Defendants in Schedule C to the Originating Process (Third Defendant) Representation: Counsel: Mr N Mirzai (Plaintiff)