It’s been a tough start to the year with retailers Ed Harry and Napoleon Perdis entering administration. With lower than expected retail sales for the Christmas period, we may see more insolvencies in the first Quarter of 2019 within this sector.
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The PPSR had its 7th birthday at the end of January and, understandably, there’s been quite a growth in the number of articles being written about how to deal with registrations that are due to expire. NCI released its own fact sheet on the subject last year (click here for a copy) and our key message is simply ‘Don’t Panic’!
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While we will always do our best to get you the full credit limit you need from your insurer, there will be times (perhaps because of capacity issues) where, although your insurer is prepared to offer ‘some’ cover, it is not as much as you actually need.
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Buried in the Government’s Mid-Year Economic & Fiscal Outlook published in December, there is a small announcement to the effect that the Government will amend earlier plans and “increase the threshold of business tax debts that can be disclosed to credit reporting bureaus from $10,000 to $100,000”. The MYEFO goes on to explain that “The increased threshold of $100,000 balances supporting compliance with minimising the impact on businesses with smaller tax debts by targeting higher risk tax debts”.
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While many, (if not most), registrations lodged shortly after the PPSR’s launch at the end of January 2012 would not have had an expiry date, there will be a number that were registered with a 7 year expiry.
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Throughout 2018 the international trade environment has been volatile to say the least. Whether this instability will have any substantial effect is yet to be seen, however, the uncertainty around trade and potential tariff increases is very much of current concern.
As threats abound regarding trading tariffs there is a related drop in confidence among businesses and consumers. When dealing internationally, there should be increased attention put to surrounding trade, especially in specific countries and industries that are affected by these changes in risk.
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Time and again we write about insolvencies, businesses losing money and unfortunately the times where businesses are unable to continue due to a bad debt. We have recently witnessed a number of insolvencies around Australia and the globe that have had a major impact on Australian businesses.
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What a busy quarter we have had at NCI! Not only have we been busy talking about our online credit application, Credential and new customer monitoring service, NCIRadar, but we have had many staff members supporting charities as part of our renewed Corporate Social Responsibility program.
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Online credit applications have been talked about in the credit industry for some time now and they are becoming more common among businesses. A traditional business may be wary of adapting to new technologies such as online credit applications but there are many advantages as business becomes increasingly fast-paced.
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The ultimate protection against bad debts, where you have your debtors insured against the risk of insolvency, protracted default or political events.
Extends from credit analysis and limit assessments to monitoring reports and tailored credit management. NCI Credit Services is there to assist you in...
Our specialised committed and commercially orientated collection team is there to collect your outstanding monies, with the skills to preserve...
