Corporate and M&A

Contact: Matt Couper, Special Counsel and Michael Elliott, Solicitor; Carter Newell (Queensland, Australia)

The recent Western Australian Supreme Court decision of White v Spiers Earthworks Pty Ltd [2014] WASC 139 (White v Spiers) once again emphasises the importance of entities in the business of leasing and hiring goods ensuring their interests in those goods are protected by a perfected security interest.

As with the case of Maiden Civil v QES [2013] NSWSC 852¹ (Maiden Civil) (as discussed in the November 2012 Corporate newsletter ‘Impending expiry of transitional security interest protections under the PPSA’), White v Spiers demonstrates the unsympathetic nature of the Personal Property Securities Act 2009 (Cth) (PPSA), in circumstances where owners of hired or leased equipment fail to perfect their interests pursuant to the PPSA.

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