Wednesday, 8 August 2012
www.imcnewbury.com.au: Relying on the "Transitional Provisions" of the PP...
www.imcnewbury.com.au: Relying on the "Transitional Provisions" of the PP...: The advice below underlines the uncertainty of the PPSA and its interpretation. This is the reason why we advise clients to register their...
Relying on the "Transitional Provisions" of the PPSR may be a risky move.
The advice below underlines the uncertainty of the PPSA and its interpretation.
This is the reason why we advise clients to register their security interests on the PPSR using the IMC Newbury PSPR Management Portal.
Reliance on the “transitional provisions” under the PPSA is fraught with danger:
Ferrier Hodgson – “I advise that transitional protection will generally not apply to deliveries made after commencement of the PPSA under a pre-commencement trading relationship, unless the seller was already under anobligation before commencement to supply the goods.
Supplies made after commencement under an existing trading relationship will be subject to the PPSA in the same way as supplies made under a new relationship therefore, as there was no agreed supplybetween Supplier A and WOW (i.e. a specific number of goods delivered on a monthly basis), each invoice post 30 January 2012 represents a new agreement and is not protected by transitional provisions under PPSA.
As Supplier A has failed toregister its interest in relation to agreements entered into on or after 30 January 2012 this portion of its claim is untenable and is rejected.”
This is the reason why we advise clients to register their security interests on the PPSR using the IMC Newbury PSPR Management Portal.
Reliance on the “transitional provisions” under the PPSA is fraught with danger:
Ferrier Hodgson – “I advise that transitional protection will generally not apply to deliveries made after commencement of the PPSA under a pre-commencement trading relationship, unless the seller was already under anobligation before commencement to supply the goods.
Supplies made after commencement under an existing trading relationship will be subject to the PPSA in the same way as supplies made under a new relationship therefore, as there was no agreed supplybetween Supplier A and WOW (i.e. a specific number of goods delivered on a monthly basis), each invoice post 30 January 2012 represents a new agreement and is not protected by transitional provisions under PPSA.
As Supplier A has failed toregister its interest in relation to agreements entered into on or after 30 January 2012 this portion of its claim is untenable and is rejected.”
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