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The Personal Property Securities Act 2009 (Cth) (PPSA) affects many types of transactions in the marketplace. A holder of a security interest arising from such a transaction is well-advised to register its interest in the Personal Property Securities Register. Perhaps the greatest incentive to register comes from the vesting rule in s 267 of the PPSA. This rule provides that a security interest will vest in the grantor if it is not registered (or otherwise perfected) at the Critical Time (that is, when a specified insolvency event occurs in relation to the grantor of the security interest). Vesting results in the holder of the unregistered security interest losing its interest in the property that is subject to the security interest. The wide scope of the PPSA and a prevailing misunderstanding in the marketplace of whether or how the PPSA applies have breathed life into the vesting rule. As with many provisions in the PPSA, the vesting rule, while simple in concept, is difficult to interpret. In particular, what is the result when two specified insolvency events occur in relation to the same grantor company? This article focuses on the operation of the vesting rule between the time the grantor company goes into administration (the first insolvency event) and when it is subsequently wound up (a second insolvency event). [ABSTRACT FROM AUTHOR]