In Australia there is no statute of equipment leasing law, nor is there any code of practice. So, in theory, parties to a lease are free to agree the terms of their bargain every time they enter into a transaction. The main parties are the owner of the equipment,...
In brief If an equipment lessee fails to register a sub-lease under the PPSA it risks losing its rights to the equipment whilst remaining bound by its obligation to make lease payments to the initial lessor. The problem The practice of sub-leasing equipment under the...
In brief In August 2022 the Federal Court gave judgment in the unfair contract terms (“UCT”) case launched nearly two years ago by the Australian Competition and Consumer Commission (“ACCC”) against Fujifilm Business Innovation (formerly Fuji-Xerox) (“Fujifilm”) The...
Tribunal says net rental clause unfair In equipment lease agreements, the unconditional payment (net rental) obligation is the cornerstone of the contract from the financier’s point of view. Come ‘hell or high water’, the hirer is obligated to pay its instalments on...
Early payouts under goods leases remain unaffected by recent case on penalties In the recent case of Andrews v Australia & New Zealand Banking Group Ltd (2012) 290 ALR 59 (“Andrews”), the High Court decided that provisions in a contract deemed penal in nature...
