If you hire or lease equipment important changes to Property Securities Act from the 1st October have taken effect!

As a background to this article prior to the 1st October 2015 If you hired or leased your equipment to a third party for greater than 90 days and their business failed then if their business failed and an Administrator/Liquidator/Receiver was appointed (as the case may be) they could have claimed ownership of the equipment and you could have lost your asset.

Common sense has prevailed with changes to the Personal Property Securities Act from the 1st October 2015 with the 90 days being increased to 1 year. Therefore if you are a business which hires or leases out serial numbered goods for less than a year, you may no longer need to record these transactions on the Personal Property Securities Register (PPSR).

It is however recommended that you still do record an interest in your asset on the PPSR and seek advice from your legal adviser. You can also seek advice from EDX Australia who specialise in registrations on the PPSR.

Further information on the changes are also available from the Government’s PPSR website.