Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY  

Division 2A - Vesting of PPSA security interests if not continuously perfected  

SECTION 588FM   EXTENSION OF TIME FOR REGISTRATION  

588FM(1)  

A company, or any person interested, may apply to the Court (within the meaning of section 58AA ) for an order fixing a later time for the purposes of subparagraph 588FL(2)(b)(iv) .

Note: If an insolvency-related event occurs in relation to a company, paragraph 588FL(2)(b) fixes a time by which a PPSA security interest granted by the company must be registered under the Personal Property Securities Act 2009 , failing which the security interest may vest in the company.

588FM(2)  
On an application under this section, the Court may make the order sought if it is satisfied that:

(a) the failure to register the collateral earlier:

(i) was accidental or due to inadvertence or some other sufficient cause; or

(ii) is not of such a nature as to prejudice the position of creditors or shareholders; or

(b) on other grounds, it is just and equitable to grant relief.

588FM(3)  
The Court may make the order sought on any terms and conditions that seem just and expedient to the Court.