Suppliers asking a Business Owner or Director for a personal guarantee is a well-trodden path.

What is the PPSA?

The PPSA is a regime established by the Personal Property Securities Act 2009 (Cth) (PPSA) and the Personal Property Security Regulations 2010 (Cth).

The Australian Law Reform Commission in 1988 in its General Insolvency Inquiry set out the range of purposes for insolvency law in Australia which largely revolved around the efficiency and administrative process rather than the possible rehabilitation, restructuring and turnaround possibilities.

Quite often we have clients referred to us to sell their business.

The sale can be for a variety of reasons. They may be retiring, unwell, looking to downsize operations or may have been approached by a larger Company. Whatever the reason, it is common that the purchaser only wants the ‘good’ and not the ‘bad’ while our client (the seller) wants the good and to dispense with the bad.

Santos Ltd, Australia’s second largest independent oil and gas producer, recently lost an appeal in the Supreme Court of Queensland: Court of Appeal against BNP Paribas.