IBM Global Financing Australia v Applied Business Technology Pty Ltd [2018] NSWSC 1984

Supreme Court New South Wales

Medium Neutral Citation: IBM Global Financing Australia v Applied Business Technology Pty Ltd [2018] NSWSC 1984 Hearing dates: 18 December 2018 Date of orders: 18 December 2018 Decision date: 18 December 2018 Jurisdiction: Equity - Corporations List Before: Parker J Decision: See [40] Catchwords: MORTGAGES AND SECURITIES – personal property security interests – Personal Property Securities Act 2009 (Cth) ("PPSA") – Purchase Money Security Interests ("PMSI") – registration of financing statements – extension of time under PPSA, s 293 – relevant considerations – prejudice to other persons holding security interests – extension granted, reserving liberty to apply to set the order aside within a reasonable time Legislation Cited: Corporations Act 2001 (Cth), ss 588FL, 588FM Personal Property Securities Act 2009 (Cth), ss 62, 275, 293 Personal Property Securities Regulations 2010 (Cth), sch 1, cl 1.3 Cases Cited: Future Revelation Ltd v Medica Radiology & Nuclear Medicine Pty Ltd (2013) 283 FLR 122; [2013] NSWSC 1741 Guardian Securities condition: see Re Guardian Securities Limited [1984] 1 NSWLR 95 Re 4 in 1 Wyoming Pty Ltd [2017] NSWSC 407 Re Accolade Wines Australia Ltd [2016] NSWSC 1023 Category: Procedural and other rulings Parties: IBM Global Financing Australia Limited (Plaintiff) Applied Business Technology Pty Ltd and Other Named Defendants in Schedule A to the Originating Process (First Defendants) 3E Advantage Pty Ltd and Other Named Defendants in Schedule B to the Originating Process (Second Defendants) Representation: Counsel: N Mirzai (Plaintiff – ex parte)