I.T.

PPSA: DID YOU KNOW? Part 2

The PPSA regime has been operating since 2012, yet credit professionals, insolvency experts and legal practitioners alike are still trying to decide whether it’s a blessing or a curse. If you thought you were an expert by now, we recently shared some interesting points here in our PPSA: Did You [...]

PPSA: DID YOU KNOW? Part 1

It seems like there is never ending content on the PPSA out there. It could be easy to feel as though you have read it all, seen it all and know it all. A few weeks ago, we teamed up with CreditorWatch as part of their PPSA series to show [...]

Don’t Gamble With Your Reputation – What The OAIC Report On Notifiable Data Breaches Tells Us

Want to see something truly shocking? Click here to check out a map that shows you global cyber-attack threats in real time happening NOW.  There was a time when a person’s personal information was limited to name, address and date of birth (anything that could identify a person). In today's complex [...]

Those 5 Circles Are Back…

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:- [...]

A fair go all round? A practical guide for what to do with the new unfair contract terms regime

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 [...]

Deeds of guarantee — do they require witnessing?

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 [...]

Credit Applications in the Name of a Trust

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 [...]

PPSA – Is Conduct Enough to Accept Changed Terms and Conditions?

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 [...]

PPSA Short Term Leases – Serial Numbered Goods

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 [...]

Notifying A Guarantor of the Acceptance of the Credit Application & Guarantee

We recently acted for a Client who was pursuing a Guarantor for an unpaid debt, owed by a Company that had since gone into Liquidation. During the hearing, the Defendant (the Guarantor) raised some important issues regarding the procedure used by our Client in obtaining Guarantees and notifying Guarantors of the acceptance of those Guarantees and the [...]