Recent decision reinforces the importance of perfection under the Personal Properties Securities Act 2009

On 27 June 2013, Brereton J of the Supreme Court of NSW gave judgment in the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852, a case that dealt with priorities under the Personal Properties Securities Act 2009 (PPSA).

This decision highlights the dangers of not perfecting a security interest and confirms that Australian courts will look to decisions of the Canadian and New Zealand courts for guidance when interpreting the PPSA.

In May and August 2010, the first defendant, Queensland Excavation Services (QES), purchased caterpillar excavators (Excavators). Concurrently, QES leased the Excavators to Maiden Civil (P&E) Pty Ltd (Maiden) for civil construction work in the Northern Territory (Leases). The Leases were not registered by QES under the PPSA or by any other means…

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