Dartbrook’s receivers to cough up after PPSR wrangle

It must bring a receiver some satisfaction when he or she forms the view that a piece of equipment leased to a company to which they are appointed is theirs to operate without payment to the equipment’s owner thanks to incorrect registration of the owner’s interest on the Personal Property Securities Register (PPSR).

Similarly, a sense of dread must descend when a judge rules that despite the equipment owner’s inadvertence, some portion of the lease payments the receiver didn’t believe were owed, in fact are.

” …. at present, Dartbrook and the Receivers’ appointor, Vitol, benefit from the continued use of the Machines leased from MTC, while the Receivers have failed to pay the rent that is payable under the HSA in respect of those Machines.” NSW Supreme Court judge Ashley Black.

Last Friday that dread fell upon the noggins of FTI Consulting’s Ben Campbell and David McGrath when NSW Supreme Court judge Ashley Black ruled that despite staff of the equipment owner Mine and Tunnel Constructions Pty Ltd (MTC) making a mess of the PPSR registrations, the court should allow the time sought for the registrations to be perfected as Purchase Money Security Interests (PMSI).

His honour’s reasoning is contained In the matter of Dartbrook Commercial Pty Ltd [2025] NSWSC 1075 and he directed the parties to submit proposed orders to give effect to the judgment by 4:00pm yesterday.

A figure in excess of $600,000 for unpaid rent was referred to at the hearing but at time of writing it was unclear what sum Campbell and McGrath would be liable for – presumably they’ll be indemnified by their appointor Vitol Asia Pte Ltd (Vitol) – and whether there’ll be a fight over costs.

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Further reading:

PPSR misery as Dartbrook receivers dig in