CITATION  FCA 972
JUDGE/S DAVIES J
Administrators of OneSteel Manufacturing Pty Ltd, an Arrium group company, sought orders under Corporations Act s447A relieving them from personal liability for entering into contracts to install a beneficiation plant, and a secured loan to fund it. The court granted the order.
The https://www.accessii.com.au/wp-content/uploads/2020/08/Screenshot-2020-08-06-at-7.32.48-PM.pngistrators also sought an extension under Corporations Act s588FM to fix the time allowed for registration of the security as 20 business days after the security agreement came into force. The extension was sought because s588FL provides for vesting if registration is not made by the ‘critical time’ (the commencement of https://www.accessii.com.au/wp-content/uploads/2020/08/Screenshot-2020-08-06-at-7.32.48-PM.pngistration) which could mean that any new security granted by a company already in https://www.accessii.com.au/wp-content/uploads/2020/08/Screenshot-2020-08-06-at-7.32.48-PM.pngistration would automatically vest immediately. The court granted the order.
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.