As published in Butterworths Corporations Law Bulletin, October 2010 edition
On 1 September 2010 the High Court of Australia handed down its much anticipated decision in the case of Public Trustee of Queensland v Fortress Credit Corp (Aust) 11 Pty Ltd (Octaviar). In a joint decision, the High Court rejected the appeal and resoundingly endorsed the decision of the Queensland Court of Appeal, thus ending 18 months of uncertainty as to when a chargor is required to notify ASIC of variations to a registered charge.
This has significant implications for all secured financings and allows lenders and borrowers to return to a previously well-established market practice.
This article discusses this decision and its implications for borrowers and lenders.
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