Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:1_588fm
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 1 cl 588FM
Character Range: 74573–75701

588FM  Extension of time for registration
 (1) A company, or any person interested, may apply to the Court (within the meaning of section 58AA) for an order fixing a later time for the purposes of subparagraph 588FL(2)(b)(iv) or (3)(c)(iv).
Note: Paragraphs 588FL(2)(b) and (3)(c) fix times within which certain events must take place (for example, registration under the Personal Property Securities Act 2009), failing which a PPSA security interest may vest in a company granting the security interest. The paragraphs only apply if an insolvency‑related event occurs in relation to the company under subsection 588FL(1).
 (2) On an application under this section, the Court may make the order sought if it is satisfied that:
 (a) the failure to register the collateral earlier:
 (i) was accidental or due to inadvertence or some other sufficient cause; or
 (ii) is not of such a nature as to prejudice the position of creditors or shareholders; or
 (b) on other grounds, it is just and equitable to grant relief.
 (3) The Court may make the order sought on any terms and conditions that seem just and expedient to the Court.