As a company that is always gathering information in order to assess the creditworthiness of businesses, NCI is only too aware of the long-standing difficulty in trying to ascertain whether the individuals behind those businesses can be relied upon to act responsibly towards their creditors. Thus, it is with some optimism that we greet the introduction of Director Identification Numbers (DIN) this month.
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Whilst collection and insolvency actions have been approximately half of a “normal” year over the past 20 months, the number of businesses in financial difficulties is building up. Now that government support (i.e. Jobkeeper) is gone and recent lockdowns impaired cashflow further, the number of business insolvencies is bound to come bubbling to the surface.
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At the end of July, the PPSR had a go at streamlining their ‘Amendment Demand’ approach “to help simplify the strict legal process required when disputing a PPSR registration”. It is perhaps timely then, to briefly run over the steps that need to be taken when:
At NCI, we operate with an “Under one roof” philosophy. What we mean by this is that no matter what trade credit related product one of our clients or potential clients is looking for, we have a solution.
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Monday May 10 saw the Federal Court of Appeal hand down a decision that looks to be quite the win for creditors fighting against unfair preference demands from liquidators.
Liquidators’ rights in this area have always been a contentious issue and the manner in which preference claims have been calculated when there has been repeat trading under a credit account has left many scratching their heads.
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What a difference 12 months makes; last May we were right in the thick of the pandemic and the economic outlook was looking bleak. Fast forward to now and the Australian economy has recovered at a pace many wouldn’t have thought.
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TCRI score hits new low… but insolvency hits projected to increase
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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.
