In the matter of Mehajer Brothers Pty Limited (as trustee for Mehajer Bros Trust) [2017] NSWSC 1852

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Mehajer Brothers Pty Limited (as trustee for Mehajer Bros Trust) [2017] NSWSC 1852 Hearing dates: 19 December 2017 Date of orders: 20 December 2017 Decision date: 20 December 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: At para 45. Catchwords: COMMERCIAL LAW – Personal Property Securities – (CTH) Personal Property Securities Act 2009 – extension of registration time for PMSIs pursuant to PPSA, s 293 – relevant considerations – whether need for extension is due to inadvertence or other sufficient cause – where there was a timely but defective registration – held, it is just and equitable to extend the time referred to in s 62(3)(b), under s293(1)(a) – where late registration – where delay before and after registration is substantial and unexplained – where during delay another secured party registered – held, not just and equitable to make an order extending the time under s 62(3)(b.

CORPORATIONS – charges, debentures and other borrowings – security interests – registration – extension of time – application pursuant to (CTH) Corporations Act 2001, s 588FM – prejudice – where delay does not prejudice the interests of creditors or shareholders Legislation Cited: (CTH) Personal Properties Securities Act 2009 ss 62, 55, 293 (CTH) Corporations Act 2001, ss 588FM, 588FL Cases Cited: Re Appleyard Capital Pty Limited 2014 101 ACSR 629 [2014] NSWSC 782 Accolade Wines Australia Ltd [2016] NSWSC 1023 Category: Principal judgment Parties: BMW Australia Finance Ltd (ACN 007 101 715) (Plaintiff) Mehajer Brothers Pty Ltd (as Trustee for Mehajer Bros Trust (ACN 155 093 977) (ABN 54 272 392 877) (First Defendant) ACE Demolition & Excavation Pty Ltd (ACN 107 709 151) (Second Defendant) CEG Direct Securities Pty Ltd (ACN 150 878 587) (Third Defendant) Representation: Counsel: N Mirzai (Plaintiff) P Reynolds (Second Defendant)