The recent decision of the case of In the matter of OneSteel Manufacturing Pty Ltd (Administrators Appointed)  NSWSC 21 is a sobering reminder of the importance in ensuring that your PPS Registrations are accurate and in compliance with the Act.
The judgement is unequivocal confirmation that registrations against a Company trading in its own capacity (that is, not as a corporate trustee) must be made using its ACN, and not its ABN. A search of the ABN may not disclose registrations on the ACN, rendering the registration “seriously misleading” for the purposes of s 164 of the PPSA.
It is imperative to ensure that your PPS Registrations are complete, correct and up to date to provide you with the greatest protection.
If you have any concerns or queries about the strength of your PPS registrations, please contact Peter North (Senior Associate, Corporate Practice Group) or Amanda Carruthers (Director, Insolvency Practice Group).
A full report of the case and its implications will arrive in our Winter Edition of Directions.