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If you are in business, you will experience at some stage the consequences of not being paid by your customers. Bad debt costs New Zealand businesses billions of dollars each year and causes many businesses to fail. Don’t become a statistic – protect your business.
For any business, best … View moreIf you are in business, you will experience at some stage the consequences of not being paid by your customers. Bad debt costs New Zealand businesses billions of dollars each year and causes many businesses to fail. Don’t become a statistic – protect your business.
For any business, best practice is to have well-drafted Terms of Trade in place which are tailored to your specific business activities. Your Terms of Trade need to form part of your contract with your customer, so either have your customer sign them, click a button on your website to confirm they agree to them, or send a copy to your customer before you supply goods or services.
Where your business supplies goods, your Terms of Trade (and any other supply agreements) should include a Romalpa clause, which is also known as a “reservation of title” clause. It provides that until full payment is received from the buyer, ownership of the goods sold remains with the seller, although the buyer is allowed to take delivery of the goods. Risk of loss and damage in the goods passes to the buyer upon delivery, but if the buyer does not pay, the seller can repossess the goods.
There may be practical difficulties in repossessing the goods (say, if the costs of doing so are very high). As a seller, you may also wish to also provide that you are entitled to the proceeds if the buyer sells the goods to a third party or manufactures new goods out of the goods supplied.
If you are a buyer, under the Consumer Guarantees Act 1993, you are entitled to be told about the possibility of the goods being taken off you if you do not pay for them by a certain date and you must have been given a copy of the Terms of Trade (or other document) telling you that the seller has these rights.
A Romalpa clause means that the seller takes a “security interest” in all goods supplied. However, a seller with such an interest may lose priority to another creditor and walk away with nothing if it does not register the interest on the Personal Property Securities Register (“PPSR”).
Registration on the PPSR:
· improves the seller’s chance of recovering the debt owed if the buyer defaults; and
· gives the seller priority over creditors with an unperfected security interest in the same goods or a security interest perfected later in time.
A Romalpa clause may qualify as a “purchase money security interest” (“PMSI”). If a PMSI exists it will give the seller additional priority over security interests already registered in the same goods but only if registration takes place within certain periods of time (for example, a security interest for inventory must be registered by the time the buyer takes possession of the goods).
In summary, it is important for a seller to:
· Have Terms of Trade in place, which the buyer has agreed to.
· Include a Romalpa clause in the Terms of Trade and draw this clause to the buyer’s attention.
· Register a security interest on the PPSR (at least for significant sales) to give the seller a better chance of recovering the debt if the buyer defaults.
· Register within the specified time periods.
Our commercial team at Corcoran French is experienced in ensuring that our clients take appropriate steps to protect their business from bad debts. If you would like to know more about our services, then we are available to assist.
Tourists need more help to find central Christchurch's shops and cafes if they are to splash their cash, a retail expert says.
Chris Wilkinson, managing director of consultancy First Retail, believes the city needs a wayfinding plan given the scattered nature of businesses in central … View moreTourists need more help to find central Christchurch's shops and cafes if they are to splash their cash, a retail expert says.
Chris Wilkinson, managing director of consultancy First Retail, believes the city needs a wayfinding plan given the scattered nature of businesses in central Christchurch.
He's suggested interactive digital signs, teasers about what's nearby, and apps outlining trails for particular shopping and food interests.
What do you think?
What is PT in the park all about?
PT in the park is a free 60min workout run by Focus and support of local personal trainers, instructors and fitness industry students.
PTIP is every Saturday - starting at 9am & finishing at 10am.
What is our mission with PT in the park?
PT in the park is a … View moreWhat is PT in the park all about?
PT in the park is a free 60min workout run by Focus and support of local personal trainers, instructors and fitness industry students.
PTIP is every Saturday - starting at 9am & finishing at 10am.
What is our mission with PT in the park?
PT in the park is a registered charitable trust and we provide a free opportunity for anyone to participate in regular group training.
What do we do?
Each session has a brief introduction, specific warm up activities, drills and/or games for 5-15mins. Then we get into the workout for 10-40mins depending on the overall program. Each session closes with a cool down, stretching, recovery phase for 5mins.
First time?
If you are thinking of coming along, please do ☺
Introduce yourself to one of our friendly helpers or trainers and let us know of any injuries or issues, which may effect your ability with exercise.
We will offer help to modify movements or provide options which are suitable for you.
I would also suggest to go at your own pace, have fun and stick with what you are comfortable with for your first few weeks.
Great to see more kids coming along to PT in the park :)
Just a friendly reminder that its best for any kids under the age of 16 to only utalise the games we do at PT in the park, bodyweight options and leave any resistance work we do until over 16yrs old.
We will run a dedicated kids section during summer only.
What else do we do?
We often organize regular events throughout the year such as fundraising events for Dogwatch, SPCA Canterbury, meeting anyone keen to do Parkrun, themed sessions.
How can you help us?
-Come along each week ☺
-Tell your friends, workmates and family members
-Share, like and comment on the PTIP Facebook page
-Bring along gold coin donations
Where do we meet?
Every Saturday @ 9am, Carlton Corner, Hagley park.
If there is a change of location, you will see a post go on our Facebook page.
What to bring?
Comfortable & supportive footwear designed for exercise, suitable clothing for working out, full water bottle. Smiles. Sunscreen in the summer months.
Gloves may be useful during winter!
Thank you for reading this.
Cheers,
Michael & the awesome team!!
#gettingitdone
We have a wonderful playhouse fort for sale. It was the winner of the 'playhouse challenge" children's choice award and is architecturally designed two story playhouse built by a reputable builder. The waterproofing on the roof was damaged in transit and anyone who is willing to … View moreWe have a wonderful playhouse fort for sale. It was the winner of the 'playhouse challenge" children's choice award and is architecturally designed two story playhouse built by a reputable builder. The waterproofing on the roof was damaged in transit and anyone who is willing to repair will get an amazing playhouse at a fraction of the cost. Your kids will be the envy of the neighbourhood. www.trademe.co.nz...
Gut health and wellbeing has a noticeable impact on overall health. Factors such as diet, age, excessive stress and antibiotic treatment may cause an imbalance in ‘good’ and ‘bad’ bacteria. This imbalance can also be exacerbated by the symptoms of heartburn and indigestion. Identifying … View moreGut health and wellbeing has a noticeable impact on overall health. Factors such as diet, age, excessive stress and antibiotic treatment may cause an imbalance in ‘good’ and ‘bad’ bacteria. This imbalance can also be exacerbated by the symptoms of heartburn and indigestion. Identifying symptoms is key to understanding underlying gut imbalances, so that helpful treatment solutions can be taken. There are many simple lifestyle changes that can help improve overall gut heath. Additionally, overall wellbeing and good health can be optimised with Probiotics and specific Symptom Relievers. Pop into your local pharmacist to discuss your digestive wellbeing today.
We have finally managed to ditch the plastic and move to reusable bags.
Stuff Pix is a brand new way to watch the latest new release and blockbuster movies at your place. We’re talking huge hits like Thor: Ragnarok, Justice League, Atomic Blonde and heaps more.
Even better, as a special Neighbourly member, we’re giving you $2 OFF your first movie. So get … View moreStuff Pix is a brand new way to watch the latest new release and blockbuster movies at your place. We’re talking huge hits like Thor: Ragnarok, Justice League, Atomic Blonde and heaps more.
Even better, as a special Neighbourly member, we’re giving you $2 OFF your first movie. So get together all your friends and family, and the popcorn, and enjoy.
Head to stuffpix.co.nz and use the code PIXOFFER2 at checkout to get $2 off, code expires 30th April 2018
Getting cabin fever from the wetter weather? Come have a look at garage sale Portman St Woolston. 8.30 -12.30. Anything left for the last 30 mins will be half price. Signs and balloons our.
We’re raising awareness of falls prevention for over 65s. Older people can worry about having a fall, so much so that their activity reduces and they move less. Their strength decreases, affecting their balance and the risk of a fall increases. We want to know how many Neighbourly members who are… View moreWe’re raising awareness of falls prevention for over 65s. Older people can worry about having a fall, so much so that their activity reduces and they move less. Their strength decreases, affecting their balance and the risk of a fall increases. We want to know how many Neighbourly members who are over 65 have had a fall or fear falling?
We value our older people and want them to stay well and independent. We want them to Live Stronger for Longer. We’ll share more about why we’re asking next week.
Do you know some awesome people who deserve recognition in your community? The Community Service Awards are now open!
Head online to submit a nomination: bit.ly...
Remember, every employee must have a written employment agreement. If you’re an employer and you want to make sure you’re doing right by your workers, and are meeting your legal obligations, visit your local CAB, call us on 0800 367 222 (0800 FOR CAB), or check out our website, www.cab.org.nz.
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