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ARTICLE · 21 MAY 2017

PPSA update: minimum term of PPS Lease now two years

DibbsBarker
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On 11 May 2017, Federal Parliament passed the Personal Property Securities Amendment (PPS Leases) Bill 2017.

AustraliaCorporate/Commercial Law
Laura Holmes (Formerly With DibbsBarker)
Laura Holmes (Formerly With DibbsBarker)
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Services: Banking & Finance, Corporate & Commercial, Restructuring & Insolvency
Industry Focus: Financial Services

On 11 May 2017, Federal Parliament passed the Personal Property Securities Amendment (PPS Leases) Bill 2017 (PPS Amendment) following its introduction on 1 March this year.

What does the PPS Amendment do?

The PPS Amendment modifies the meaning of a 'PPS Lease' under section 13 of the Personal Property Securities Act 2009 (Cth) (PPSA) by extending the minimum term of the lease or bailment from more than one year to more than two years. This means that a fixed term lease or a bailment of goods will only need to be registered on the PPS Register if it exceeds two years. The fixed term includes any option to renew.

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