You have probably heard about Red Balloon being pricked by the ACCC for allegedly overcharging a small number of Customers for excessive payment surcharges. Regulators have a habit of going after well-known businesses to get the message out that the rules apply to everyone no matter the size of the business. If you hadn’t [...]
Big data is here to stay…. Believe it or not, we live in a Data Driven World. A BIG data driven world. Just think about it – we have our digital footprints everywhere and they are easily traced to reveal more about ourselves than we care to realise. Some examples – when we sign [...]
It's that time of year (again) when you have to decide whether you should “take the hit" and write-off that bad debt and (subject to complying with ATO requirements) claim a deduction OR keep chasing the debtor. You can do both of course, but often once the debt is off the books and not [...]
We all start the new year with the usual well-intentioned resolutions (lose weight, get fit, find love…) but after a few weeks (or, sometimes, hours) we are back to our old habits. In 2017, more than any other year, the outlook both nationally and globally is uncertain. Will the Turnbull Government’s one seat majority [...]
How quickly these Olympic times come around, with a bagful of new names and new records to match. There are also other "Circles" we should remember if we want a gold medal performance, The 5 C's of Credit. Does your Customer make the team? See if they have the necessary mettle and ask these questions:- [...]
On 12 November 2016, a new regime of regulation affecting standard form contracts will be introduced in accordance with the Treasury Legislation Amendment (Small Business & Unfair Contract Terms) Act 2015. This affects the Australian Consumer Law and the Australian Securities & Investments Commission Act 2001. For many of our clients, one of the most visible standard form [...]
A common question that Clients across all industries ask is... What do I do if the personal guarantee I hold on file has not been witnessed? We recommend to all of our Clients that any personal guarantees are in the form of a Deed. This is because a Deed is a particular type of legal document [...]
It is very common these days to see Companies using trading Trusts as a vehicle to run their business. So how should you open an Account for your Customer if the Credit Application has been filled out in the name of a Trust? A couple of points should be made at the outset:- A Trust is [...]
Readers will be aware that section 20 of the PPSA provides for the enforceability of security interests against third parties. An issue that has arisen in practice is, what happens if your security agreement has not been signed by your Customer (i.e. the Grantor). Section 20(2) provides that for written Security Agreements, collateral is covered [...]
Serial numbered goods under the Person Property Security Act ("the PPSA") include motor vehicles, aircraft and vessels. Under the PPSA, leases of serial numbered goods for more than 90 days are deemed security interests, and therefore required registration. The Personal Property Securities Amendment (Deregulatory Measures) Act, which commenced on 1 October 2015, amends the PPSA so [...]
