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

Protecting and Recovering Assets

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 documentationCore service: Security enforcementCore service: Related documentation and enforcement
Preparation of documents for specific security interestsAppointment of receivers to recover propertyContract law
Preparation of documents for general security agreementsCourt action to recover propertyMortgage enforcement
Registration of security on the Personal Property Securities RegisterEnforcement of purchase money security interests in priority to liquidators, voluntary administrators and receiversInjunctions to restrain conduct
Integration of security provisions into commercial leases, licence agreements, loan agreements, debt and property settlements, partnership agreements and trade agreementsAdvice regarding creditor priorities in insolvency scenariosTrust law
Drafting principal facility documentation including receivables finance documentsWe help clients prepare asset sale agreements for business acquisition transactionsCorporate 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