Personal Property Securities (Corporations and Other Amendments) Act 2011 (35 of 2011)

Schedule 1   Corporations Act 2001

13   After section 1501

Insert:

1501A References to the whole or substantially the whole of a company’s property

(1) This section applies to a transitional security interest within the meaning of the Personal Property Securities Act 2009.

Note: For the meaning of transitional security interest , see section 308 of the Personal Property Securities Act 2009.

(2) In working out for the purposes of this Act whether the security interest covers the whole, or substantially the whole, of the company’s property at a time (the later time ) that is at or after the commencement time, disregard any of the company’s property that is PPSA retention of title property of the company at the later time.

Note: This Act gives certain powers to secured parties who hold security interests over the whole, or substantially the whole, of a company’s property (for example, the power to appoint an administrator under section 436C).

1501B Constructive notice of registrable charges

Section 130 does not apply in relation to a document that has been lodged with ASIC to the extent that the document relates to a registrable charge.

Note: Section 130 provides that a person is not taken to have information about a company merely because the information is available to the public from ASIC.

Note: The heading to section 1510 is altered by omitting “ at or after ” and substituting “ before ”.