Hire and Rental Businesses take note: PPSR changes
Are you in the hire or rental business? The law is about to change — and it’s good news On 11 May 2017, both houses of Parliament passed the Personal Property Securities Amendment (PPS Leases) Bill 2017 with broad support across the political divide. Two key changes are being introduced: The minimum length of a type of personal property security interest, a PPS Lease, is being extended from more than one year, to more than two years. Leases of an indefinite term will no longer be PPS leases unless they run for more than two years. What is a personal property security interest? A personal property security interest, in simple terms, is a stake that someone has in any piece of property (except real estate) which ensures the payment of…