In the matters of PSI-Kinetix Pty Limited (ACN 609 106 096) and; PSI Pacific Managed Services Pty Limited (ACN 092 623 679)

The respondents, PSI-Kinetix Pty Limited and PSI Pacific Managed Services Pty Limited, filed an application for orders by consent before the Federal Circuit and Family Court of Australia. The applicants sought final injunctive relief to address invalid security interests that had been registered on the Personal Property Securities Register, as well as to rectify the improper appointment of a ‘managing controller’ for the applicant companies. The court was required to consider whether the consent orders proposed by the parties would adequately resolve the issues at hand, including the invalid registration of security interests and the unauthorised appointment of a managing controller.

The primary legal issue before the court was whether the consent orders proposed by the parties adequately addressed the invalid registration of security interests and the improper appointment of a managing controller. The court needed to ensure that the orders were clear, precise, and enforceable, and that they provided a fair and just resolution to the dispute. Additionally, the court had to consider whether the orders complied with the requirements of the Personal Property Securities Act 2009 (Cth) and the Corporations Act 2001 (Cth).

The court found that the consent orders proposed by the parties were clear, precise, and enforceable, and provided a fair and just resolution to the dispute. The court noted that the orders would effectively rectify the invalid registration of security interests and the unauthorised appointment of a managing controller. The court also found that the orders complied with the requirements of the relevant legislation. Consequently, the court approved the consent orders, providing final injunctive relief to the applicants and rectifying the invalid registration of security interests and the improper appointment of a managing controller.

The court's orders included the cancellation of the invalid security interests, the removal of the unauthorised managing controller, and the appointment of new managing controllers for the applicant companies. The court also ordered that the respondents bear the costs of the application.