When did you last review your trading terms?

Since the introduction of the Personal Property Securities Act 2009 (Act) at end January 2012, it is possible for suppliers to obtain priority over liquidators and holders of other securities for retention of title claims in certain circumstances.

Your trading terms need to provide that they create a security interest under the Act and which can be registered. You need to register this security within certain time limits.

This new procedure was not previously available for retention of title claims and greatly enhances the position of suppliers to protect their interests for unpaid supplies.

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