Event Register

Understanding chattel leases and the PPSA

Halfday seminar 25 October, 2019

Diccon Loxton, Senior Financial Conssel, Allens Linklaters; Dr Sheelagh McCracken, Professor of Finance Law, University of Sydney; Andrew Boxall, Consultant, Allens Linklaters

Dixson Room, Mitchell Wing, NSW State Library

08:30AM to 12:30PM

Your active participation in the Master Class is welcomed.
Please bring a copy of the Personal Property Securities Act 2009 (Cth) — no copies will be available on the day.

The Master Class will cover:
The Whittaker Report: recognition of difficulties

Differing conceptual approaches

Leases and the PPSA: basic concepts
• Finance lease • PPS lease • Exclusions and inclusions

Lease chains under the PPSA: permutations and combinations
• Successive combinations of finance leases, PPS leases and excluded leases • The effect of title-based securities granted by lessors and lessees

Lease chains under the PPSA: risk analyses
• Challenges in searching • Serial numbered property • Effect of PMSIs • Aircraft and the Cape Town Convention: a special case • Default priority rules • Insolvency risk

The application and effect of taking free rules
• Content • Conditions for application • Analyses of their consequences

A suggested priority approach: PPSA sections 66, 67 and 68
• Conditions of application • Intended consequences • Unintended consequences: section 34 • Underlying assumptions: a critique • An alternative approach

Practical responses
• Multiple registrations • Contractual protections • Drafting registration statements • Reliance on section 32

Reform?




Diccon Loxton is a Senior Finance Counsel at Allens, having been a partner there for over 30 years practising in most areas of banking and finance law. He has published numerous papers on various related topics, including with the other panellists 3 recent papers in the Commercial Law Quarterly: 'PPSA Models: a minimalist approach', 'Chains of Leases: aligning PPSA models with commercial expectations' and 'PPSA models: easy as ABCD?' (See (2018) 32 (1) CLQ 3; (2018) 32(2) CLQ 3; (2018) 32 (3) CLQ 52).

Dr Sheelagh McCracken is Professor of Finance Law at the University of Sydney, a Director of the Ross Parsons Centre of Commercial, Corporate and Taxation Law, and a Fellow of the Australian Academy of Law.  Amongst the range of books she has published is a standard Australian text, Everett & McCracken’s Banking and Financial Institutions Law, which she has co-authored for over 30 years.

Andrew Boxall is a consultant with Allens Linklaters. He was a partner of the firm from 1986 to 2016. He specialises in banking and finance transactions, particularly for infrastructure development projects, property financing, asset financing and insolvency and restructuring.

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