PPSA WAKE UP CALL – OWNER OF EQUIPMENT LOSES OWNERSHIP TO THIRD PARTY
An Australian court has finally handed down arguably the first substantive decision in relation to the Personal Property Securities Act (“PPSA”) which commenced in January 2012. Specifically, the Supreme Court of New South Wales found that the owner of equipment, which was on hire to another person, lost its ownership rights in the equipment to a third party receiver, as a result of the owner failing to register its interest as owner of the equipment on the Personal Property Securities Register.
While the court’s interpretation of the relevant provisions of the PPSA is not surprising, Continue Reading
ALTERNATIVE DISPUTE RESOLUTION – IMPORTANT CHANGES
On 17 May 2013, new commercial arbitration legislation commenced in Queensland which replaced the previous Commercial Arbitration Act. The new legislation was introduced following a review undertaken by the Standing Committee of Attorney-General into industry experience with the previous legislation. In particular, the previous legislation was considered by many to be ineffective by too closely imitating the court process and being too readily subject to court intervention. The new legislation is also part of a general push for uniform commercial arbitration legislation Australia-wide.
The advantages of commercial arbitration, as well as other forms of alternative dispute resolution (“ADR”), are: Continue Reading