Commonwealth Numbered Acts Commonwealth Numbered Acts
1 Subsection 130(1)
Omit "(1)".
2 Subsection 130(2)
Repeal the subsection.
Note: New section 1501B of the Corporations Act 2001 (inserted by this Schedule) preserves the operation of the repealed subsection in relation to registrable charges created before the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009 .
3 Paragraph 419A(1)(b)
Omit "; and".
4 Paragraph 419A(1)(c)
Repeal the paragraph.
5 After paragraph 441EA(1)(c)
Insert:
(ca) either:
(i) there is no other security interest in the property; or
(ii) there are one or more other security interests in the property, but none of the debts secured by those other security interests has a priority that is equal to or higher than the priority of the debt secured by the possessory security interest; and
6 Subsection 443B(3A)
Repeal the subsection.
7 Paragraph 588FL(1)(b)
Omit "or (3)".
Note: The heading to subsection 588FL(2) is deleted.
8 Subsection 588FL(3)
Repeal the subsection.
9 Subsection 588FM(1)
Omit "or (3)(c)(iv)".
10 Subsection 588FM(1) (note)
Repeal the note, substitute:
Note: If an insolvency-related event occurs in relation to a company, paragraph 588FL(2)(b) fixes a time by which a PPSA security interest granted by the company must be registered under the Personal Property Securities Act 2009 , failing which the security interest may vest in the company.
11 Subsection 588FN(3)
Omit "covered by subsection 588FL(2) (Australian law governs security interest)".
12 Subsections 1483(9) and (10) (notes)
Omit "1506", substitute "1507".
Note: The heading to section 1501 is replaced by the heading " Charges, liens, pledges and third party property--application ".
13 After section 1501
Insert:
1501A References to the whole or substantially the whole of a company's property
(1) This section applies to a transitional security interest within the meaning of the Personal Property Securities Act 2009 .
Note: For the meaning of transitional security interest , see section 308 of the Personal Property Securities Act 2009 .
(2) In working out for the purposes of this Act whether the security interest covers the whole, or substantially the whole, of the company's property at a time (the later time ) that is at or after the commencement time, disregard any of the company's property that is PPSA retention of title property of the company at the later time.
Note: This Act gives certain powers to secured parties who hold security interests over the whole, or substantially the whole, of a company's property (for example, the power to appoint an administrator under section 436C).
1501B Constructive notice of registrable charges
Section 130 does not apply in relation to a document that has been lodged with ASIC to the extent that the document relates to a registrable charge.
Note: Section 130 provides that a person is not taken to have information about a company merely because the information is available to the public from ASIC.
Note: The heading to section 1510 is altered by omitting " at or after " and substituting " before ".