Future Revelation Ltd V Medica Radiology & Nuclear Medicine Pty Ltd

CITATION [2013] NSWSC 1741

Registrations were made in favour of Suncorp-Metway Limited as secured party, specifying its ABN rather than its ACN.

The court noted that searchers would be likely to be concerned with the identity of the grantor and the collateral, and that the defect in the secured party’s details would not prevent the details of the grantor and collateral being discovered. Accordingly the defect was not seriously misleading and the registration was not ineffective.

However, the court reserved the right of insolvency administrators to apply to discharge if insolvency occurred within 6 months.

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.