CITATION  FCA 1034
JUDGE/S COLLIER J
Pozzebon took a general security agreement from Australian Gaming and Entertainment, but did not make a registration until after the 20 business day period in s588FL of the Corporations Act had expired. Australian Gaming and Entertainment went into voluntary administration a week after the registration was made, and then a few weeks later into liquidation.
The liquidator contended that the security interest had vested under s588FL. Pozzebon argued that the security interest had not been ‘perfected by registration, and by no other means’ as required by s588FL: rather, it had been perfected by a combination of attachment, enforceability and effective registration.
The court said that Pozzebon’s argument was obviously misconceived, and that the reference in s588FL to registration as the means of perfection meant registration as opposed to possession, control or temporary perfection. Pozzebon’s application for a declaration that the security interest had not vested was refused.
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.