Corporations Act 2001
View history note
Hide history note(Repealed by No 96 of 2010, s 3, Sch 1, Pt 10 [ 187] (effective 30 January 2012).)
In this Part:
amending Act
means the
Personal Property Securities (Corporations and Other Amendments) Act 2010
.
commencement time
means the time item 187 of Schedule 1 to the amending Act commences.
Note: Item 187 of Schedule 1 to the amending Act inserts sections 1499 to 1510 . The item commences at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009 (as provided by section 2 of the amending Act).
registrable charge
means a charge created before the commencement time that was a registrable charge within the meaning of section
261
when it was created.
This section applies despite the amendment of this Act made by item 10 of Schedule 1 to the amending Act if a reference to a charge in a provision of this Act, as in force immediately before the commencement time, did not include a reference to a lien or a pledge, or any other particular form of security over the property.
Note: Item 10 of Schedule 1 to the amending Act inserts the definition of security interest in section 51A .
1500(2)
In its application in relation to an interest in property created or arising before the commencement time, or under an agreement or instrument made before that time, the reference in that provision (as amended by the amending Act) to a security interest does not include a reference to a lien or a pledge, or that particular form of security over the property, as the case may be.
The amendments made by Part 1 (new concepts) of Schedule 1 to the amending Act apply:
(a) in relation to charges, liens and pledges, whether created or arising before, at or after the commencement time; and
(b) in relation to property owned, occupied or used by, or in the possession of, a corporation, whether the ownership, occupation, use or possession started before, at or after the commencement time.
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 .
1501A(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 ).
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.
[ CCH Note: S 1501B will be amended by No 69 of 2020, s 3, Sch 1[1294], by inserting " or the Registrar " after " ASIC " in the note, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
For the period of 7 years after the commencement time, the amendments made by Part 2 of Schedule 1 to the amending Act do not apply in relation to registrable charges.
Note: The amendments made by Part 2 of Schedule 1 to the amending Act repeal Chapter 2K and make consequential amendments to other provisions.
1502(2)
This section applies subject to sections 1503 to 1506 .
Scope
1503(1)
This section applies if, immediately before the commencement time, a document (however described) or notice is required to be lodged or given by a company or other person under one of the following provisions:
(a) paragraph 263(1)(a) , (b) or (c) ;
(b) paragraph 263(2)(b) ;
(c) subsection 263(3) ;
(d) paragraph 264(1)(a) or (b) ;
(e) paragraph 265(6)(b) ;
(f) paragraph 268(1)(a) or (b) ;
(g) subsection 268(2) ;
(h) subsection 269(1) or (2) ;
(i) subsection 270(4) .
Requirements that stop applying
1503(2)
Whichever of the following requirements would otherwise apply stops applying at the commencement time:
(a) the requirement to lodge or give the document or notice;
(b) the requirement for ASIC to enter or delete particulars in the Register in relation to the document or notice.
Subject to this section, section 266 stops applying at the commencement time in relation to registrable charges.
1504(2)
However, if a registrable charge is void under section 266 immediately before the commencement time, that section continues to apply in relation to the charge, subject to subsection (3) of this section.
1504(3)
The Court may, on such terms and conditions as seem to the Court just and expedient, by order, declare a registrable charge not to be, and never to have been, void under subsection 266(1) or (3) , if:
(a) before the commencement time, the charge is void under subsection 266(1) or (3) (as the case requires); and
(b) either:
(i) an application is made to the Court under subsection 266(4) before the commencement time for an extension of the relevant period, and as at the commencement time, the Court had not made a decision in relation to the application; or
(ii) an application is made to the Court at or after the commencement time for an order under this subsection; and
(c) the Court is satisfied of the matters set out in subsection 266(4) .
The requirements in section 271 (company documentation and registration of charges) stop applying in relation to registrable charges at the commencement time.
At and after the commencement time, registrable charges have the priority between themselves that they would have had under this Act as in force immediately before the commencement time, subject to Chapter 9 (Transitional provisions) of the Personal Property Securities Act 2009 .
The repeal of sections 440B , 440BA , 440BB and 440C by item 156 of Schedule 1 to the amending Act does not affect the operation of subsections 1483(9) and (10) in relation to:
(a) the administration of a company that began at or after the start of the day section 440BA commenced, and before the commencement time within the meaning of section 1499 ; or
(b) distress for rent that began to be carried out before the day section 440BB commenced.
Note: Sections 440BA and 440BB commenced on 31 December 2007.
The amendment of this Act by item 135 of Schedule 1 to the amending Act does not apply in relation to the exercise of a power of sale if the power began to be exercised before the commencement time.
Note: Item 135 of Schedule 1 to the amending Act repealed subsection 442CB(1) and substituted a new subsection.
Section 588FP does not apply in relation to a registrable charge.
Subject to this Part, the amendments made by the amending Act do not apply in relation to the winding up of a company under Part 5.4 , Part 5.4A or Part 5.4B , or the subsequent liquidation of the company, if the application for winding up for the purposes of those Parts is made before the commencement time.