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How to lose a $2m race horse

by Rikki Papesch on 18 Feb 2015

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There is a New Zealand case (the Australian legislation is based on the New Zealand law so this is a precedent) Waller v New Zealand Bloodstock Limited [2005] NZCA 254; [2006] 3 NZLR 629. In that case the owners of a $2 million racehorse leased it to a stud. The stud got into financial difficultly and the stud’s financier repossessed the stud (and with it, the horse).The horse’s owners had not registered their security interest in their horse under New Zealand’s equivalent of the Australian legislation. They lost their $2 million chaff-burner to the liquidator as a result

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The Personal Property Securities Act 2009 requires that businesses register all security interests on the Personal Property Security Register (PPS Register). Not registering a security interest will potentially result in your business losing its interest in goods supplied to clients that become insolvent, bankrupt or enter into liquidation.
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