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ARTICLE · 03 JULY 2017

Federal Government amends registration requirements for PPS leases: Minimum duration is now 2 years

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If you enter into a lease or bailment for two years or less, you do not need to register that interest on the PPSR.

AustraliaFinance and Banking
Michael Bishop
Michael Bishop
Jonathan Slade
Jonathan Slade
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The Federal Government has introduced changes to the Personal Property Securities Act (PPSA) with the enactment of the Personal Property Securities Amendment (PPS Leases) Act 2017. The amendments came into effect on 20 May 2017, and extend the minimum duration of the term of a lease or bailment before the interest meets the definition of a PPS Lease under the PPSA.

Meaning of ‘PPS Lease’

A PPS Lease is a type of security interest that is created by leasing or bailing goods, and requires registration on the Personal Property Securities Register (PPSR) in order for the goods to obtain protection from creditors of the person in receipt of the goods. The technical meaning of bailment is wider than that of a lease but also involves a person possessing property which is owned by another.

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