Trade Credit Risk Index Q3

Government measures impact insolvency and collection results

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What is a PMSI?

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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PPSR – When should I be lodging a registration?

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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PPSR – Identifying Grantors

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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ASIC Insolvency Statistics

ASIC External Administration Statistics – 2019 v 2020

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An economic speed hump? A glass half full perspective.

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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PPSR: Website Update

The PPSR is due to release an update to its web site later this month.

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What a whirlwind the last few months has been with the impact of COVID-19.

During March, many feared the worst and with significant lockdowns and reduced trading conditions, our industry braced itself for a possible flood of company insolvencies. However, a few months in and our data shows (at this moment in time), many of those fears are yet to be realised.

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Trade Credit Risk Index Q2

Insurer Limit reviews lead to jump in Risk Score

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PPSR: The ‘Additional Details’ Questions

We have noticed a tendency by a number of our clients to leave the ‘Additional details’ section of a PPSR registration blank.  While there may certainly be occasions where ticking one or more of the 5 boxes in this area is not appropriate, our concern is that these are being left blank simply because the questions (and their implications) are not readily understood.

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