Wednesday, 8 August 2012
www.imcnewbury.com.au: Relying on the "Transitional Provisions" of the PP...
www.imcnewbury.com.au: Relying on the "Transitional Provisions" of the PP...: The advice below underlines the uncertainty of the PPSA and its interpretation. This is the reason why we advise clients to register their...
Relying on the "Transitional Provisions" of the PPSR may be a risky move.
The advice below underlines the uncertainty of the PPSA and its interpretation.
This is the reason why we advise clients to register their security interests on the PPSR using the IMC Newbury PSPR Management Portal.
Reliance on the “transitional provisions” under the PPSA is fraught with danger:
Ferrier Hodgson – “I advise that transitional protection will generally not apply to deliveries made after commencement of the PPSA under a pre-commencement trading relationship, unless the seller was already under anobligation before commencement to supply the goods.
Supplies made after commencement under an existing trading relationship will be subject to the PPSA in the same way as supplies made under a new relationship therefore, as there was no agreed supplybetween Supplier A and WOW (i.e. a specific number of goods delivered on a monthly basis), each invoice post 30 January 2012 represents a new agreement and is not protected by transitional provisions under PPSA.
As Supplier A has failed toregister its interest in relation to agreements entered into on or after 30 January 2012 this portion of its claim is untenable and is rejected.”
This is the reason why we advise clients to register their security interests on the PPSR using the IMC Newbury PSPR Management Portal.
Reliance on the “transitional provisions” under the PPSA is fraught with danger:
Ferrier Hodgson – “I advise that transitional protection will generally not apply to deliveries made after commencement of the PPSA under a pre-commencement trading relationship, unless the seller was already under anobligation before commencement to supply the goods.
Supplies made after commencement under an existing trading relationship will be subject to the PPSA in the same way as supplies made under a new relationship therefore, as there was no agreed supplybetween Supplier A and WOW (i.e. a specific number of goods delivered on a monthly basis), each invoice post 30 January 2012 represents a new agreement and is not protected by transitional provisions under PPSA.
As Supplier A has failed toregister its interest in relation to agreements entered into on or after 30 January 2012 this portion of its claim is untenable and is rejected.”
Wednesday, 22 February 2012
IMC Newbury supports TABMA (Timber & Building Materials Association)
The TABMA Trade Credit Insurance Program is a unique, cost-effective program developed and managed by IMC Newbury specifically for TABMA (Australia) members.
- Protect your business from bad debts
- Protect your profit / shareholder equity
- Trade with confidence and ensure peace of mind
- Improve your credit management procedures
- Access independent credit risk assessment
- Increase your sales to existing and new customers/markets
- Provdie additional security to your own suppliers and financiers
- 3-12 month periods of insurance - subject to terms & conditions
- Very competitive premium
- A low shared claims excess amongst all insured Members
- Exclusion of part of turnover, saving on premium costs
- All Limit Administration Charges and Discretionary Limit report costs absorbed by IMC Newbury
- and more.....
If your business is involved with the supply of timber and/or building materials, please contact IMC Newbury for more information.
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