Preference claims seem specifically designed to torment efficient credit managers!
You discover that one of your customers may be having problems and immediately set about chasing up any overdue or outstanding amounts, only to have a liquidator force you to hand over the results of your efforts
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For some time it’s been a requirement that a ‘large’ proprietary company lodge audited financial reports with ASIC each year. Under the current definition, a large company must meet at least two of the following three thresholds:
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While we’re rapidly progressing through 2019, we should stop to take a moment and reflect on a couple of points from our most recent Client Satisfaction Survey. We asked our clients what the biggest challenges for them would be this year and this is what we heard:
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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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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...
