Catchwords:

BANKRUPTCY AND INSOLVENCY – where the appellant and respondent entered into a Power Purchase Agreement (PPA) for the respondent to construct a power plant at, and supply electricity to, the appellant’s mine site – where the respondent had not perfected its interest by registering a “security interest” in the “Zenith Power Plant” under the Personal Property Securities Act 2009 (Cth) (PPSA) before the appellant went into voluntary administration – where the primary judge found the PPA provided for a “security interest” within the meaning of s 12(1) of the PPSA and that the respondent had perfected the security interest by being in actual and apparent possession of the Zenith Power Plant – where the primary judge found that whether the respondent was in apparent possession was to be determined by reference to a hypothetical observer who was able to see the Zenith Power Plant – whether the primary judge erred – no error by the primary judge in finding that that the respondent was in apparent possession of the Zenith Power Plant, which question was to be determined and assessed from the vantage point of an interested party having made inquiries directed to the personal property in question – primary judge erred in finding that the PPA provided for a security interest in the Zenith Power Plant in favour of the respondent – appeal dismissed