The Personal Property Securities Amendment (Deregulatory Measures) Act 2015 has now received Royal Assent and will commence on the earlier of a date set by proclamation or 25 December 2015.
The Act amends the Personal Property Securities Act 2009 so that a lease of serial numbered goods of 90 days or more but less than 12 months will no longer be required to be registered as a PPS lease in order to preserve its priority. Accordingly PPS leases will consist only of leases of a term of more than 12 months or an indefinite term regardless of the type of goods leased.
The amendment will only apply to leases entered into after the Act commences.
