Introduction
It has now been two years since the commencement of the
Personal Property Securities Act 2009 (Cth)
(PPSA), and much has been said and written about
the PPSA during that time. Particular attention has been given to
the impact of the PPSA on the rights of lessors where the lease
constitutes a "PPS Lease" (effectively, a lease for a
term longer than one year) and the leasing industry has devoted
much time and resources in coming to grips with the new regime.
Under the regime established by the PPSA, it is of critical
importance to lessors that they protect their "deemed"
security interest in leased goods by registration on the PPSR. It
is however crucial that such a registration is done correctly as
the security interest may otherwise be ineffective. This can have
significant consequences for a lessor. This article considers these
consequences.
