Attorney-General George Brandis has received a scorching letter from the world's largest commerce chamber. Photo: Alex Ellinghausen

When the US Chamber of Commerce wrote a hard-hitting letter to the Abbott government castigating a piece of legislation it believed was damaging and undermining Australia's reputation,comprar camiseta baloncesto espa?a juegos olimpicos, the $6.5 billion hire industry quietly applauded.
The letter, written last September to Attorney General Senator George Brandis, didn't hold back. It reminded him that US companies invest more than $130 billion in Australia,nueva camiseta real madrid 2012 precio, accounting for nearly 25 per cent of all foreign direct investment.
In order to continue fostering a healthy and mutually beneficial commercial relationship between the countries, it is important that the Australian government confirm that the PPSA [Personal Property Security Act] may not be used to deprive American companies of valuable property they have leased to Australian businesses and individuals, the world's biggest business federation wrote.
It is a sentiment also expressed by Australia's hire industry, which is being tied up in red tape and exposed to financial harm as a consequence of being caught under the PPSA, which was introduced by the former Labor government in 2012.
According to the peak lobby group the Hire and Rental Industry Association (HRIA), the PPSA has cost the industry tens or even hundreds of millions of dollars in lost assets and legal fees, saying nothing of the administrative burden.
Besides causing a crisis in confidence in the hire industry – and unnecessarily undermining relations with the US – Section 13 of the act flies in the face of the Abbott government's commitment to cutting red tape.
It requires hire companies to register assets that cross a time threshold. The PPSA registration is to protect the hire companies from having that asset seized by receivers or liquidators if the customer of the hire business collapses. It means some hire companies are being forced to register thousands of assets.
If they don't register the assets, or fill in the complex registration form incorrectly and a customer collapses, the liquidator can sell the hire assets and pay the proceeds to the creditors – even though the assets belong to the hire company.
In cases where the hire company has taken a loan to purchase those assets,camiseta real madrid 2015 personalizada, it has to repay the loan even if the liquidator has sold them.
Not surprisingly,camiseta atletico de madrid marca, the industry is urging the government to drop the hire industry from the PPSA and return it to its previous position. That is, when a customer of the hire business collapsed, any assets on hire were returned to their rightful owner: the hire company.
The failings of PPSA were put on show last year when mining services company Forge Group collapsed. It triggered legal action with the receivers going to the Supreme Court of NSW to try and get control of four gas turbines worth an estimated $50 million that US company APR Energy had leased to Forge.
The receiver did this on the basis that APR had not registered the turbines on the PPSA,camiseta lakers rosa madrid, which means the receiver can sell them to repay creditors.
In its letter, the US Chamber of Commerce says I urge you to consider the highly damaging effects of section 13 of the PPSA, which is being used improperly by some entities to make illegitimate claims against property owned by American companies and leased to individuals and businesses within Australia.
The industry has been lobbying to get the act reformed under the Whittaker review. In a submission,camiseta madrid 2014 comprar, the HRIA says: PPSA is extremely complex and the regulatory,camiseta naranja real madrid manga larga, financial and administrative burden imposed on hire businesses to ensure that they are correctly registered on the PPSA, in order for their assets to be afforded limited protection, is excessive and onerous.
The Whittaker review released its recommendations a few weeks ago, much to the disappointment of the hire industry and a gaggle of law firms,camiseta oficial del madrid 2012, including Oliver Shtein of Barry Perry who have been actively highlighting the folly of the legislation.
Instead of recommending the removal of section 13 the Whittaker review recommended that banks can seize any hire assets,nueva camiseta del real madrid temporada 2014, instead of the liquidator.
As Geelong-based Kerr's Hire wrote: Why should the red tape burden land squarely on our shoulders? We're small and medium sized businesses,como reconocer si la camiseta del barcelona es original, many of us family-owned and operated. We're having a go,camiseta borussia dortmund 2013 pes, trying to build our businesses. Yet our assets can be taken because of someone else's financial mismanagement.
It is an issue that isn't going to go away.
This is a registration form that exists only to remedy a failure in legislation and a new one at that. A form for the sake of a form,camisetas seleccion espa?ola baratas, the very definition of red tape.
If the Abbott government is serious about cutting red tape and making life easier for small businesses it needs to junk a piece of the law that is choking the $6.5 billion hire industry.相关的主题文章：


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