CITATION  FCA 656
JUDGE/S DAVIES J
OneSteel, subject to deed of company arrangement, agreed to grant a security interest to Alleasing (replacing an earlier security interest which had vested on administration due to ineffective registration).
Although a registration for the new security interest was made promptly, the security interest (being granted by a company subject to deed of company arrangement) would still vest in the grantor unless an order was made under Corporations Act 588FM to fix a later time for registration.
The court granted the order, and also an order under s293(1)(a) to allow the security interest to have PMSI priority.
The summary of the pertinent points in this legal case update has been provided by Steve Pemberton, Lawyer and Consultant, as an extract from his digest of PPSA cases.