Extensions of Time Under the PPSA and Corporations Act
This course focuses on the remedies available to secured parties who fail to comply with the strict statutory timeframes for registering an effective financing statement on the PPSR.
Secured parties must comply with strict statutory timeframes for registering an effective financing statement on the PPSR as required by section 588FL(2) of the Corporations Act 2001 (Cth) and sections 62(2) and 62(3) of the Personal Property Securities Act 2009 (Cth).
Failure to comply with these timeframes can have serious consequences as the secured party’s ‘unperfected’ security interest may either vest in an insolvent grantor and/or lose its priority to another secured party that has been granted a security interest in the same collateral.
However, there are steps that secured parties can take even if they have failed to comply with the statutory timeframes for registration. Both the Corporations Act and the PPSA contain provisions which enable a secured party to apply for an extension of time to register an effective financing statement on the PPSR.
This course will focus on these remedies, and what the Courts take into account when a party makes an application for an extension of time. This includes a close consideration of both the statutory provisions and recent, relevant authorities.