Argentina unveils new law on leasing

Author: | Published: 1 Jan 2001

On May 10 2000, the Argentine Congress passed Law 24,548, the New Leasing Law, setting out a legal framework for leasing transactions in Argentina. The law, which came into effect upon its promulgation by the President of Argentina on June 8 2000 (with several vetos), is based on a draft prepared by the Argentine Leasing Association (ALA). The ALA is a group of leading lessors which works to improve the leasing legal framework, based on the members' and their advisers' experience, acquired since leasing was introduced to the Argentine legislation in 1995, under Law 24,441.

The new law eliminates many restrictions contained in Law 24,441 which affected the development of the leasing business. It substantially improves the remedies available to the lessor upon a default or bankruptcy of the lessee, and introduces certain additional tax benefits.

Definition of leasing

The law defines the leasing contract as an...