In the matter of Allied Master Chemists of Australia Limited [2020] NSWSC 291

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Allied Master Chemists of Australia Limited [2020] NSWSC 291 Hearing dates: 20 March 2020 Date of orders: 20 March 2020 Decision date: 20 March 2020 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Extend time under section 588FM of Corporations Act 2001 (Cth) to register security interests on Personal Property Securities Register. Catchwords: Security interests registered by reference to grantors' Australian Business Number rather than Australian Company Number – inadvertence – evidence of solvency of grantors – secured creditors not affected by order sought – unsecured creditors affected – whether Guardian Securities condition appropriate – principles at [16]-[20] – grantors include publicly listed company – uncertainty inherent in such a condition unhelpful and unwarranted – condition not imposed. Legislation Cited: Corporations Act 2001 (Cth), ss 588FL(2)(b)(iv), 588FM(1), Personal Properties Securities Act 2009 (Cth), ss 62, 153(1), 293 Personal Properties Securities Regulation 2010 (Cth) Cases Cited: Re Transurban CCT Pty Ltd [2014] NSWSC 1909 Re Cardinia Nominees Pty Ltd [2013] NSWSC 32 In the matter of Appleyard Capital Pty Limited; 123 Sweden AB v Appleyard Capital Pty Limited (2014) 101 ACSR 629; (2014) 32 ACLC 14-041; [2014] NSWSC 782 Re Application of Guardian Securities Ltd (1984) 8 ACLR 822; [1984] 1 NSWLR 95 Re Joplin Brewery Co Ltd [1902] 1 Ch 79 In the matter of Accolade Wines Australia Limited [2016] NSWSC 1023 In the matters of 4 in 1 Wyoming Pty Ltd [2017] NSWSC 407 In the matter of Psyche Holdings Pty Limited [2018] NSWSC 1254 Squadron Resources Pty Ltd v Highlake Resources Pty Ltd [2018] FCA 1292 Category: Principal judgment Parties: Westpac Banking Corporation (Plaintiff) Allied Master Chemists of Australia and the other Defendants listed in Schedule A of the Originating Process dated 19 March 2020 (1st to 15th Defendants) Representation: Counsel: Mr T Castle (Plaintiff) No appearance (1st to 15th Defendants)