At the end of December last year, the Attorney-General announced a review of Australia’s Privacy Act to determine to what extent it is protecting and empowering consumers and best serving the Australian economy.
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The ASIC company register has released the following breakdown of activity between 1 July and 30 September 2020:
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As we approach the end of 2020, business confidence looks to be increasing with many industries performing well and most lockdown restrictions now removed. NCI’s latest Trade Credit Risk Index reported a sharp decline in credit risk, mainly due to lower incoming claims and collections activity, plus a reduction in Insurer credit limit actions.
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A Purchase Money Security Interest (PMSI) is defined by the PPSA as occurring where ‘collateral secures its own purchase price’.
This happens when a supplier sells their goods subject to a Retention of Title right – it also happens when goods are sold out of a Consignment Stock arrangement or Leased.
The PMSI designation is important because it allows the supplier to enjoy a ‘super priority’ over the goods they are selling that will rank higher than any bank’s general security interest even when the bank’s interest was lodged earlier.
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Once a liquidator is appointed to a debtor, they are allowed to ignore any security interests registered during the 6 months leading up to their appointment if they hadn’t been lodged within 20 business days of the security agreement being formed.
In a trade credit context, the security agreement is usually the completed credit application incorporating your Terms & Conditions (eg, your Retention of Title right).
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The PPSA has very strict rules when it comes to identifying grantors and, if your registration does not show up on a search conducted in accordance with those rules, your registration will almost certainly be deemed invalid.
This was confirmed in a high-profile judgment from the NSW Supreme Court in January 2017 when it was decided that a registration by Alleasing P/L against OneSteel Manufacturing’s ABN instead of its ACN was enough to render the registration ineffective even though there was no doubt as to the entity concerned.
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Our Managing Director, Kirk Cheesman, breaks down an array of information to paint an interesting picture of Australia’s economy………at this point in time.
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The PPSR is due to release an update to its web site later this month.
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Trade credit insurance is the ultimate protection against bad debts, where you have your debtors insured against the risk of insolvency, protracted default or political events.
Credit risk management is a vital tool used to protect the financial health of your business. Our credit risk management service is proactive and designed to grow your company's sales...
Good credit management should ensure that customers pay on time, we understand that this is not always the case and not everyone has a trained and dedicated credit manager.
Over the years we realised that while our core product was insurance broking, our business was actually about protecting the profitability of our clients.
