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PPSA amendment simplifies leasing processes for small businesses

2 July 2015

 

The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 (Cth) received Royal Assent on 25 June, 2015 ushering in changes to the way some short term leases are handled within the Personal Property Securities Act 2009 (Cth) (the PPSA) and simplifying processes for small and medium sized hire companies.

Previously, provisions outlined within the PPSA contained a level of complexity that made the identification and registration of certain types of leases onerous for smaller business operators. The changes that are now operational no longer require hire companies to register security interests in leases of serial numbered goods of 90 days or more. This minimises the economic burden on smaller businesses whose activities include the leasing of goods for terms of less than 12 months by reducing the amount of PPS transactions that are required.

For more information please contact:

David Williams | Partner
Mullins Lawyers
t +61 7 3224 0270
f +61 7 3224 0333
dwilliams@mullinslaw.com.au

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