Legal precendents are everything in commercial litigation.
This is a biggie, and future cases may take less time to reach judgement or may settle early on the strength of the similarity to this precedent.
I hope that the practise of banks "perfecting their security" in order to become secured creditors, at the expense of other creditors, is now a thing of the past.
Game, set and match for ANZ's $270M, IMHO.
bell judgement and opes, page-2
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