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Insolvency Law Bulletin, Vol 12 Issue 4: Agony Aunt's advice

by Desanka.Vukelich 15. December 2011 11:51

The latest issue of the LexisNexis Insolvency Law Bulletin includes a very insightful Agony Aunt column on PPSA issues. Thank you to subscribers who have given us positive feedback. We hope you enjoy it.

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SEEKING PERFECTION

Dear Aunty

I am an ordinary suburban lender and have been going out with my borrower for two years now. When we first started dating things between us were great — I felt safe every time he’d draw down my facility, charging his assets and registering extreme satisfaction. But he hasn’t asked me to marry him and I am worried about the level of his commitment. He doesn’t seem to have his priorities right and he laughs when I tell him I need more security.

Am I wrong to press him for more? Am I seeking perfection? Do you think I should give him another 24 months or so grace?

Yours

Worried, Baulkham Hills NSW

>>>

Dear Worried of Baulkham Hills

We’d all love to have our security perfected, but most of us have to live with something less. At least you’ve got possession by the sound of things, and if your borrower wants to retain title to his independence for a little longer, I’d say you should live with it for a while and hope that eventually the two of you achieve accession.

Getting married is all very well, but remember that a strong relationship depends on more than a piece of chattel paper. While your concerns are understandable, maybe you should invest more time in structuring a robust security agreement. After that you can head down to the new Register office together and then ITSA done deal!

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IS HE A PIMSI?

Dear Aunty

Until recently my love life has been the typical flighty string of serial number lovers that our generation is famous for. It was fine for a while even though I got a bit of a reputation as a circulating asset. But I had started to feel that these unperfected security interests were leaving a void. Then I met the most amazing guy. I made him the priority of my advances and even tried collateral means to get him to engage in some serious commingling. However, even though he says he finds me attractive, I can’t seem to register the full extent of my interest. I’m worried that I may be doing something wrong.

Do you think he might be a PIMSI, and that I’m just not ticking the right box? Please answer and I’ll be forever in your debt.

Yours

Damaged Collateral, Collingwood, Vic

>>>

Dear Collateral

First of all, let’s cut out this “damaged” business. You need to understand that you are a worthwhile individual, and the mere fact that you’ve been a circulating asset for a few years with no fixed attachments doesn’t make you any less attractive than you’d otherwise be. One day, you’ll find that everything will come right, and from that moment of crystallization onwards, you’ll feel like you are being continuously perfected.

In the meantime, though, maybe you just need to take things a little slower. It’s not all about control, you know. Remember, many of these new-age PIMSIs are sensitive types, unlike the rotters of the old days, and it is absolutely essential to read them carefully. Mind you, that doesn’t mean they’re not vain — they still like you to make a point of recognising they’re PIMSIs, so make sure you find time to tell him — and remember, in this digital age with all the social media available to us, you can even do it electronically on a standard form.

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TALKING DIRTY

Dear Aunty

If she knew I was writing to you she’d get really mad, but I’m worried about how to talk to my girlfriend about our personal property. She has just got out of law school and seems to speak a completely different language from me. I just get embarrassed with all this talk of control and possession, but she just takes it for granted. I’m worried I may not be able to perform to her expectations and that my PI premiums will skyrocket. Can you suggest how I can deal with my situation?

Sincerely,

Bewildered of Mosman Park, WA

>>>

Dear Bewildered

Don’t worry — if you do, your performance anxiety will only get worse. Find somewhere private (like a darkened closet, or the bathtub) and try repeating some key words or phrases to yourself over and over again. If you do, you’ll soon find yourself comfortable with expressions such as “intermediated security” and “migrated security interest”. However, once you overcome your feeling that some of these words are dirty, you should take care not to bandy them about too much. It’s one thing to drop the odd one into a dinner conversation, signaling that you’re ready to go the moment the system goes live — but if you throw them about too obviously she might think you’re trying to impress all the girls.

 

 

 

 

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Insolvency Law Bulletin | Personal Property Securities in Australia

Insolvency Law Bulletin, Vol 12 Issue 4 now available on LexisNexis Online

by Desanka.Vukelich 8. December 2011 10:00

 

Issue 4, Volume 12 of the Insolvency Law Bulletin contains the following articles:

  • The Editorial Panel wraps up 2011 with ‘Year in Review’, and ‘The Eye on Insolvency’ also focuses on the events of the year
  • Paul B Lewis of the Center for International Law, The John Marshall Law School, Chicago, examines the American approach to executor contracts of intellectual property in the US
  • David Richardson of HWL Ebsworth Lawyers and Anthony Lo Surdo SC of Wentworth/Selborne Chambers offer a digest of the Re Colorado Group Ltd case
  • A letter to the editor broaches the subject of the ATO’s treatment of insolvent taxpayers
  • David Brown of Adelaide Law School and Monika Gajic of Finlaysons give us ‘PPSA Part 2 – Key implications for leases, other “deemed security interests” and liens’
  • And the PPSA Agony Aunt throws light on some knotty questions

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Insolvency | Insolvency Law Bulletin

Insolvency Law Bulletin Vol 12 Iss 2 now available

by Desanka.Vukelich 23. September 2011 10:29

Volume 12, Issue 2 of the Insolvency Law Bulletin is now available.

This issue:

  • Masi Zaki and Mark Addison, of Dibbsbarker, write "Liquidator's pleadings struck out for failure to establish a proper factual basis to cause of action against directors"
  • Martin Hirst of Gadens Lawyers writes "On the beat: The boot's on the other foot -can you hear me Major Tom?"
  • Lee Aitken writes "No more Alsatias - the transnational enforcement of insolvency judgments"
  • David Richardson of HWL Ebsworth Lawyers and Anthony Lo Surdo, Barrister, summarise the case of Re Newtronics Pty Ltd (in liq)
  • Amanda Carruthers of Lewis Holdway Lawyers asks "Can penalty interest carry creditors over the threshold?"
  • Dr David Goldman and Michael Rose of Norton Rose Australia write "New Zealand liquidators obtain search warrant in Australia

 

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Insolvency | Insolvency Law Bulletin

September issue of Insolvency Law Bulletin now online

by Hilary Kincaid 6. October 2010 11:33

Volume 11, issue 2 of the Insolvency Law Bulletin is now online.

We note in particular the article by The Eye regarding the recent Senate Report into the corporate insolvency industry:

The Report’s view is that a separate insolvency regulator is required, one that is focused on the rather unique responsibilities of practitioners in conducting an insolvency administration. This would serve to free corporate insolvency from ASIC’s general regulatory approach in relation to the very different players and their conduct in the markets and securities area, which are the main focus of ASIC’s broad responsibilities.

Underlying this recommendation is the fact that many of the basic regulatory issues in both personal and corporate insolvency are the same — independence, remuneration, sale of assets, conduct of litigation, and dealing with creditors. A merger would promote common regulatory approaches, as opposed to disconnected ones; cross-fertilisation of expertise between personal and corporate, instead of the silo mentality that often exists; and, on a practical level, individuals who are both trustees and liquidators would be reviewed and regulated by the one agency.

This is the main recommendation in the Report and it is “bold and substantive”, as the Report says of all of its recommendations, and therefore involves major change. It is therefore likely to be resisted. Corporate insolvency’s connections with corporate law are seen as close and needy enough for it to remain in that fold, rather than being hived off, as it is seen, to personal insolvency — its simple cousin. That attitude from corporate insolvency may illustrate the source of its problem which has led to its laws, regulation and administration lagging behind more advanced initiatives in bankruptcy.

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Insolvency | Insolvency Law Bulletin | Law reform | Newsletters | Parliament



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