PPSA : Miss-timing can be Costly
In love, business, sport, politics, indeed in so much of life, timing has everything to do with what goes well and what doesn’t.
- Doka Formwork Pty Ltd leased formwork to Relux
- Most of this equipment had been delivered to Relux before 1 January 2014, and on 20 February 2014 Doka registered its security interest in it on the PPSR.
On 7 April 2014 Relux went into administration and was put into liquidation in May.
The s588FL states that if a secured creditor fails to register interest on the PPSR within 20 business days of creation of a security agreement, a very serious problem could arise.
Doka’s mistiming relative to s588FL of the Corporations Act cost the company more than $1m.
