Tipsy Bull Pty Ltd v Foundry Enterprises Pty Ltd trading as Hopscotch Bar

Tipsy Bull Pty Ltd sought to enforce a security interest in personal property against Foundry Enterprises Pty Ltd. The dispute arose in the Federal Circuit and Family Court of Australia. Tipsy Bull argued that Foundry owed it money for equipment provided and that a security interest existed over the equipment and other assets, which had been transferred to a trust. Foundry denied the debt and claimed the security interest was invalid due to failure to register the charge as required by the Personal Property Securities Act 2009. The Tribunal was required to determine whether a valid security interest existed over Foundry's assets and, if so, whether it was properly registered.

The Tribunal examined the contractual arrangements between the parties and found that a debt was owed by Foundry to Tipsy Bull. However, it held that the security interest was not valid as it had not been registered with the Personal Property Securities Register. The Tribunal concluded that the failure to register the charge meant the security interest was not perfected and therefore could not be enforced against Foundry. Given this finding, the application to enforce the security interest was dismissed.

The Tribunal dismissed the application in its entirety, finding that Tipsy Bull was not entitled to enforce the security interest due to the failure to register the charge. The court found that the security interest was not perfected, and as such, could not be enforced against Foundry. Consequently, the application to enforce the security interest was dismissed, and no orders were made in favour of Tipsy Bull.