Everlyte Ltd and Registrar of Personal Property Securities

This matter concerned an application by Everlyte Ltd to review a decision by the Registrar of Personal Property Securities to remove a financing statement from the Personal Property Securities Register (PPSR). Everlyte Ltd alleged that a helicopter it previously owned was stolen and subsequently sold to Nautilus Aviation Pty Ltd, which then sold it to a third party. Nautilus had initiated an administrative process to remove Everlyte Ltd's registered security interest, which the Registrar ultimately actioned. Everlyte Ltd contended that Nautilus had provided false information to the Registrar and that its own registration should not have been removed.

The Tribunal was required to determine whether Nautilus possessed the requisite "interest" under section 178 of the *Personal Property Securities Act 2009* (Cth) (PPSA) to make an amendment demand for the removal of the registration. Further, the Tribunal had to consider whether it suspected on reasonable grounds that the removal of the registration was not authorised under section 178, and to interpret the definition of "security interest" under section 12 of the PPSA and whether the helicopter constituted "prescribed property" under regulation 5.3 of the *Personal Property Securities Regulations 2010* (Cth).

The Tribunal reasoned that Nautilus had the necessary interest under section 178 to make the amendment demand. Crucially, the Tribunal found that Everlyte Ltd's interest in the helicopter did not constitute a "security interest" as defined by section 12 of the PPSA. It concluded that the helicopter was not prescribed property under regulation 5.3, and therefore, Everlyte Ltd's interest was not registrable on the PPSR. Consequently, the Tribunal was satisfied that the removal of the registration was authorised under section 178, as there was no basis for registration under section 150 of the PPSA.

Accordingly, the Tribunal affirmed the decision under review, finding that the Registrar was required to register the financing change statement to end the registration. Everlyte Ltd's application was therefore unsuccessful.