Qenos - Case Update

The New South Wales Supreme Court has ruled that over about 2,800 metric tonnes of ethylene — which the voluntary administrators of Qenos asserted had vested in Qenos on their appointment — continues to be owned by Indorama. The Court found that the bailment of ethylene by Indorama to Qenos was not a PPS lease under the PPSA, there was no unperfected security interest in respect of the ethylene and title to it did not vest in Qenos immediately before the administrators were appointed.

Read the decision here.