Scrappy Pty Ltd (SPL) Carries on Business as Scrap Metal Merchants - Management Assignment Help

Assignment Task:

Task:

Question 1:

Scrappy Pty Ltd (SPL) carries on business as scrap metal merchants in New South Wales. The business requires large machinery to work the yard. The directors of the business are Marsha and Bobby. To finance the acquisition of a new fork lift and mobile crane Marsha and Bobby approach Big Tonka Leasing (BTL). They arrange to finance through a lease arrangement the two pieces of equipment which are leased over a five year term. BTL register their interest on the PPSR within 7 days of providing the facility. However on registration they incorrectly record one of the serial numbers (on the fork lift) on the finance statement. The date of registration is 31 December 2020. Marsha and Bobby have numerous contracts to fulfil and there is a constant cash flow issue in SPL. The sales are large but the payments are few and far between on the sale contracts. Marsha and Bobby approach Rather Large Bank (RLB) to  arrange an ongoing facility by way of an ALLPAP. RLB register their ALLPAP on 15 November 2020. As part of the arrangement with RLB Marsha and Bobby set up a bank account with RLB with $120,000 cash in it which is granted as further security to RLB. RLB does not register their interest in the bank account though on the PPSR. Marsha and Bobby also purchased two new BMW scooters in the name of SPL which are funded by Burn My Money (BMM) finance company. These are acquired on 15 December 2020. BMM does not register their interest on the PPSR. Marsha loves her little scooter but needs some cash to fund her upcoming wedding to Ken. So she sells the scooter to Draco. Draco does a search of the PPSR and does not find anything. Draco funded the acquisition from a loan facility with Scooter Central Finance (SCF) who register their interest 21 days after advancing the funds. In late 2020 SPL made a sale of 20 tonnes of scrap metal to a Singaporean company on the condition that SPL retained title until 5 equal monthly payments had been made. The Singaporean company was yet to pick up the scrap metal and intended to do so in early 2021. They made a down payment of $50,000 which Marsha put into the bank account mentioned above with RLB increasing the balance to $170,000. Sadly, soon thereafter the price of scrap metal plummeted due to the decrease in demand from China who are moving to predominately plastic as preferred product in all manufacturing. This is disastrous for SPL. Sales plummet dramamtically for SPL and soon thereafter SPL goes into liquidation.

You are asked to advise on the following issues:
1. Who is entitled to the two BMW scooters?
2. Who is entitled to the 20 tonnes of scrap metal set aside for the Singaporean company?

3. Who is entitled to the balance of goods on SPL premises?
4. Who is entitled to the monies in the Bank account. In each instance explain why you have reached these conclusions referring to relevant sections in the PPSA to support your argument. Restrict your discussion to PPSA only

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