CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.13
-
TRANSITIONAL PROVISIONS RELATING TO THE PERSONAL PROPERTY SECURITIES (CORPORATIONS AND OTHER AMENDMENTS) ACT 2010
History
Pt 10.13 heading substituted by No 49 of 2019, s 3, Sch 4
[
53] (effective 4 April 2019).
Pt 10.13 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
186] (effective 6 July 2010).
SECTION 1498A
1498A
COMMENCEMENT OF PROVISIONS IN PART 10.13
(Repealed by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).)
History
S 1498A inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
186] (effective 6 July 2010).
SECTION 1499
1499
DEFINITIONS
In this Part:
amending Act
means the
Personal Property Securities (Corporations and Other Amendments) Act 2010
.
commencement time
means the time item 187 of Schedule 1 to the amending Act commences.
Note: Item 187 of Schedule 1 to the amending Act inserts sections
1499
to
1510
. The item commences at the registration commencement time within the meaning of section 306 of the
Personal Property Securities Act 2009
(as provided by section 2 of the amending Act).
registrable charge
means a charge created before the commencement time that was a registrable charge within the meaning of section
261
when it was created.
History
S 1499 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1500
CHARGES, LIENS AND PLEDGES
-
CONTINUATION OF RESTRICTION OF REFERENCES
1500(1)
This section applies despite the amendment of this Act made by item 10 of Schedule 1 to the amending Act if a reference to a charge in a provision of this Act, as in force immediately before the commencement time, did not include a reference to a lien or a pledge, or any other particular form of security over the property.
Note: Item 10 of Schedule 1 to the amending Act inserts the definition of
security interest
in section
51A
.
1500(2)
In its application in relation to an interest in property created or arising before the commencement time, or under an agreement or instrument made before that time, the reference in that provision (as amended by the amending Act) to a security interest does not include a reference to a lien or a pledge, or that particular form of security over the property, as the case may be.
History
S 1500 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1501
1501
CHARGES, LIENS, PLEDGES AND THIRD PARTY PROPERTY
-
APPLICATION
History
S 1501 heading substituted by No 35 of 2011, s 3, Sch 1[12].
The amendments made by Part 1 (new concepts) of Schedule 1 to the amending Act apply:
(a)
in relation to charges, liens and pledges, whether created or arising before, at or after the commencement time; and
(b)
in relation to property owned, occupied or used by, or in the possession of, a corporation, whether the ownership, occupation, use or possession started before, at or after the commencement time.
History
S 1501 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187].
SECTION 1501A
REFERENCES TO THE WHOLE OR SUBSTANTIALLY THE WHOLE OF A COMPANY
'
S PROPERTY
1501A(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
.
1501A(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
).
History
S 1501A inserted by No 35 of 2011, s 3, Sch 1
[
13] (effective 30 January 2012).
SECTION 1501B
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.
[
CCH Note:
S 1501B will be amended by No 69 of 2020, s 3, Sch 1[1294], by inserting
"
or the Registrar
"
after
"
ASIC
"
in the note, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 1501B inserted by No 35 of 2011, s 3, Sch 1
[
13].
SECTION 1502
REPEAL OF CHAPTER 2K (CHARGES)
-
GENERAL
1502(1)
For the period of 7 years after the commencement time, the amendments made by Part 2 of Schedule 1 to the amending Act do not apply in relation to registrable charges.
Note: The amendments made by Part 2 of Schedule 1 to the amending Act repeal Chapter 2K and make consequential amendments to other provisions.
1502(2)
This section applies subject to sections
1503
to
1506
.
History
S 1502 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1503
REPEAL OF CHAPTER 2K (CHARGES)
-
CESSATION OF REQUIREMENTS IN RELATION TO DOCUMENTS OR NOTICES
Scope
1503(1)
This section applies if, immediately before the commencement time, a document (however described) or notice is required to be lodged or given by a company or other person under one of the following provisions:
(a)
paragraph
263(1)(a)
,
(b)
or
(c)
;
(b)
paragraph
263(2)(b)
;
(c)
subsection
263(3)
;
(d)
paragraph
264(1)(a)
or
(b)
;
(e)
paragraph
265(6)(b)
;
(f)
paragraph
268(1)(a)
or
(b)
;
(g)
subsection
268(2)
;
(h)
subsection
269(1)
or
(2)
;
(i)
subsection
270(4)
.
Requirements that stop applying
1503(2)
Whichever of the following requirements would otherwise apply stops applying at the commencement time:
(a)
the requirement to lodge or give the document or notice;
(b)
the requirement for ASIC to enter or delete particulars in the Register in relation to the document or notice.
History
S 1503 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1504
REPEAL OF CHAPTER 2K (CHARGES)
-
APPLICATION OF SECTION 266
1504(1)
Subject to this section, section
266
stops applying at the commencement time in relation to registrable charges.
1504(2)
However, if a registrable charge is void under section
266
immediately before the commencement time, that section continues to apply in relation to the charge, subject to subsection (3) of this section.
1504(3)
The Court may, on such terms and conditions as seem to the Court just and expedient, by order, declare a registrable charge not to be, and never to have been, void under subsection
266(1)
or
(3)
, if:
(a)
before the commencement time, the charge is void under subsection
266(1)
or
(3)
(as the case requires); and
(b)
either:
(i)
an application is made to the Court under subsection
266(4)
before the commencement time for an extension of the relevant period, and as at the commencement time, the Court had not made a decision in relation to the application; or
(ii)
an application is made to the Court at or after the commencement time for an order under this subsection; and
(c)
the Court is satisfied of the matters set out in subsection
266(4)
.
History
S 1504 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1505
1505
REPEAL OF CHAPTER 2K (CHARGES)
-
CESSATION OF COMPANY REGISTRATION REQUIREMENTS
The requirements in section
271
(company documentation and registration of charges) stop applying in relation to registrable charges at the commencement time.
History
S 1505 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1506
1506
REPEAL OF CHAPTER 2K (CHARGES)
-
PRIORITY BETWEEN REGISTRABLE CHARGES
At and after the commencement time, registrable charges have the priority between themselves that they would have had under this Act as in force immediately before the commencement time, subject to Chapter 9 (Transitional provisions) of the
Personal Property Securities Act 2009
.
History
S 1506 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1507
1507
NEW SECTION 440B (RESTRICTIONS ON THIRD PARTY PROPERTY RIGHTS)
The repeal of sections
440B
,
440BA
,
440BB
and
440C
by item 156 of Schedule 1 to the amending Act does not affect the operation of subsections
1483(9)
and
(10)
in relation to:
(a)
the administration of a company that began at or after the start of the day section
440BA
commenced, and before the commencement time within the meaning of section
1499
; or
(b)
distress for rent that began to be carried out before the day section
440BB
commenced.
Note: Sections
440BA
and
440BB
commenced on 31 December 2007.
History
S 1507 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1508
1508
NEW SUBSECTION 442CB(1) (ADMINISTRATOR
'
S DUTY OF CARE)
The amendment of this Act by item 135 of Schedule 1 to the amending Act does not apply in relation to the exercise of a power of sale if the power began to be exercised before the commencement time.
Note: Item 135 of Schedule 1 to the amending Act repealed subsection
442CB(1)
and substituted a new subsection.
History
S 1508 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1509
1509
NEW SECTION 588FP (SECURITY INTERESTS IN FAVOUR OF AN OFFICER OF A COMPANY ETC. VOID)
Section
588FP
does not apply in relation to a registrable charge.
History
S 1509 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).
SECTION 1510
1510
WINDING UP APPLIED FOR BEFORE THE COMMENCEMENT TIME
History
S 1510 heading amended by No 35 of 2011, s 3, Sch 1[13] (effective 30 January 2012).
Subject to this Part, the amendments made by the amending Act do not apply in relation to the winding up of a company under Part
5.4
, Part
5.4A
or Part
5.4B
, or the subsequent liquidation of the company, if the application for winding up for the purposes of those Parts is made before the commencement time.
History
S 1510 inserted by No 96 of 2010, s 3, Sch 1, Pt 10
[
187] (effective 30 January 2012).