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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).
Thus, if you fail to lodge your registration within 20 business days of receiving a credit limit application, you risk losing your security rights if a liquidator is appointed within the next 6 months.
If you miss the 20 business days deadline, you effectively have three choices:
Additionally, there are other timing requirements that come into play where the nature of your agreement with your customer forms a PMSI.