Protecting and recovering assets
Personal property securities law experts
We are experts in personal property securities law. We help our clients understand their rights and enforce securities using the Personal Property Securities Act 2009. Our firm principal has followed this area of law from the commencement of the Personal Property Security Register in 2012. The value of this knowledge for our clients is efficiency in delivering solutions and responding to challenging scenarios.
Advanced knowledge of Personal Property Securities law
We advise financiers and investors about taking security and regularly help financiers document security transactions involving personal property (such as receivables, intangible property, equipment and motor vehicles)
Protecting and Recovering Assets – explained
Firm Principal Ben Sewell takes you through an explanation of how we help clients to protect and recover assets through personal property securities law
Key example: We represented a company receiver in 2014 that interpreted section 20 of the Personal Property Securities Act for the first time
Subject matter: A creditor claimed priority over the receiver pursuant to Purchase Money Security Interest over property valued > $1 million
Importance: The first case in Australia that interpreted the form of a written contractual agreement required for an enforceable security agreement
Case citation: Citadel Financial Corporation Pty Limited v Elite Highrise Services Pty Limited (No 3) [2014] NSWSC 1926
Comments of Ben Sewell, firm principal: At the beginning of 2014 there was no applicable case law about the PPSA but I was able to defeat an injunction application after I explained to Justice Brereton of the Supreme Court my view about section 20. At that time it was cutting edge but since then the law has somewhat settled in this area.
We maintain up-to-date precedents for all personal property transactions, including:
- General security agreements
- Purchase money security interests
- Taking securities over receivables
- Assignments of debt
- Hire purchase agreements
- Sale of business transactions
Breakdown of our asset protection and recovery services
Our core services are the documentation, recovery and overall protection of tangible property.
| Core service: Security documentation | Core service: Security enforcement | Core service: Related documentation and enforcement |
|---|---|---|
| Preparation of documents for specific security interests | Appointment of receivers to recover property | Contract law |
| Preparation of documents for general security agreements | Court action to recover property | Mortgage enforcement |
| Registration of security on the Personal Property Securities Register | Enforcement of purchase money security interests in priority to liquidators, voluntary administrators and receivers | Injunctions to restrain conduct |
| Integration of security provisions into commercial leases, licence agreements, loan agreements, debt and property settlements, partnership agreements and trade agreements | Advice regarding creditor priorities in insolvency scenarios | Trust law |
| Drafting principal facility documentation including receivables finance documents | We help clients prepare asset sale agreements for business acquisition transactions | Corporate law |
Our points of difference
- Active from the very start of the Personal Property Securities Act when it was passed (but before it was operational) in 2009
- Regarded as an industry thought leader in this field
- Trained credit industry professionals
- Understand finance industry credit processes and methodologies