Masi Zaki is a senior associate with Russells in
Sydney, Australia. He is an insolvency, restructuring,
and dispute resolution lawyer who has acted in
court proceedings and transactions in Australia
and elsewhere. Zaki’s experience covers a range
of industry sectors and includes working with
external administrators, companies and their
directors, and secured and unsecured creditors
in turnarounds, deeds of company arrangement,
schemes, and court proceedings. He can be
reached at email@example.com.
Kate Arnold is a paralegal at Russells and works
with the commercial property and insolvency and
restructuring teams. She is currently completing
her law degree in partnership with the Sydney
University of Sydney Law Extension Committee and
the New South Wales Legal Profession Admission
Board. During her time at Russells, Arnold has
gained exposure to many areas of law and has a
keen interest in both property and insolvency.
of the act or to alter its effects on the
interests of overseas-based lessors
of goods into Australia. In fact, the
government report, which was tabled
in Parliament, concluded that the
legislation was working well and instead
of limiting its scope, proposed that its
reach be extended to cover statutory
licences and permits, superannuation
interests, and water rights.
Accordingly, the onus remains on all
lessors of goods that might fall within
the scope of Personal Property Securities
Act to ensure that their title to and
interests in the goods they lease are
properly protected through registration
or other means of perfection.
As GE discovered during the course of
its dispute with Forge and its liquidators,
the fact that a lessor might be domiciled
outside of Australia or not regularly
engaged in the business of leasing
goods within Australia does not protect
it against the title vesting provisions of
the Personal Property Securities Act. It
follows that all foreign-based lessors
of goods into Australia would be well-advised to heed GE’s harsh lesson. J
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