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ARTICLE · 15 NOVEMBER 2015

Commencement date for PPSA changes for lease arrangements

Kott Gunning
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The changes aim to reduce the complexity, time and cost for parties entering into commercial hire or lease arrangements.

AustraliaFinance and Banking
Kellie Cook (Previously With Kott Gunning)
Kellie Cook (Previously With Kott Gunning)
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As anticipated after the Parliamentary review of the Personal Property Securities Act 2009 (PPSA) completed earlier this year, and with the aim of reducing the number of lease transactions that fall within the scope of the PPSA, the Australian Parliament has recently passed legislation amending the PPSA with respect to what is a PPSA lease.

This amendment is aimed to reduce the complexity, time and cost for parties entering into hire or lease arrangements with commercial customers.

The amendment will mean that section 13(1)(e) of the PPSA will be repealed, effective from 1 October 2015. It is important to note that the amendments are not retrospective, so only apply to leases or hire arrangements entered into on or after 1 October 2015.

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