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ARTICLE · 04 AUGUST 2017

PPS Leases – Relief comes from the latest Amendment

Bryks Lawyers
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This amendment seeks to increase the minimum duration of leases and bailments that are deemed PPS leases to two years.

AustraliaCorporate/Commercial Law
Dorota Bryks
Dorota Bryks
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On 20 May 2017, the Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment) came into effect. This is the third amendment to the Personal Property Securities Act 2009 (Cth) (PPSA) since it came into force in 2012. It seeks to relieve some of the problems previous amendments failed to solve with respect to PPS leases by increasing the minimum duration of leases and bailments that are deemed a PPS lease.

This Amendment only deals with PPS leases, with all other PPSA requirements remaining unchanged. This includes leases and bailments that are considered security interests because they 'in substance' secure the payment or performance of an obligation and the registration requirements for Purchase Money Security Interests.

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