Keeping our clients informed.

Latest news and press releases

What’s been happening in the world of trade credit? See here for all the latest news, articles and events.

Review of Australia’s Privacy Legislation

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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ASIC Company register update – July to September 2020

The ASIC company register has released the following breakdown of activity between 1 July and 30 September 2020:

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A Word From The Managing Director: Kirk Cheesman

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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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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