Section 588FM — Corporations Act 2001 (Cth)

(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).

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.

(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.

Related sections

• s 588FJ — Circulating security interest created within 6 months before relation‑back day
• s 588FK — Interpretation and application
• s 588FL — Vesting of PPSA security interests if collateral not registered within time
• s 588FN — PPSA security interests unaffected by section 588FL
• s 588FO — Certain lessors, bailors and consignors entitled to damages
• s 588FP — Security interests in favour of an officer of a company etc. void

Research how courts apply s 588FM

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.