Hastie Group Limited (No 3)

CITATION [2012] FCA 719

The administrators of the Hastie Group sought orders for dealing with property subject to security interests perfected by registration. There were 995 registrations, many of which did not describe the collateral in much detail. The administrators had written to the secured parties asking them to identify their collateral, but over 80% had not responded.

The court agreed to the orders proposed by the administrators, allowing a process of further advertising followed by auction of the unclaimed property. The proceeds would be placed into an account for 3 months than then, if not claimed by the secured parties, could be distributed to other creditors.

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.