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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?
Does anyone have any secret weapons for killing Powdery Mildew? I get it every year on the same plants and nothing I have done seems to work. Flowers or fruit trees it does not discriminate.
The Curry deals sold out, now we have a deal on 2 stir frys - a great excuse to try out the new Thai Food caravan at the Selwyn St shops.
new.grabone.co.nz...
$10 Lunches every day too...
Addington.net is moving to Penbury Street in Sydenham. Our last day at Barrington Street is Thursday, 29 March. On Monday, 9 April we open at our new site in Penbury Street. Our phone number remains 962 7244 and our email info@addington.net.nz
Public Transport Options - CRA says:
Option 4 – none of the above. (Please provide comment/ideas for an alternative solution)
Public Transport Comments
Retaining public transport services serves multiple goods for our communities - accessibility, decongestion of roads, mobility, vehicle … View morePublic Transport Options - CRA says:
Option 4 – none of the above. (Please provide comment/ideas for an alternative solution)
Public Transport Comments
Retaining public transport services serves multiple goods for our communities - accessibility, decongestion of roads, mobility, vehicle pollution reduction (less fossil fuel use and greenhouse gases), etc. etc.
The following proposal would help retain one service through raised profitability, the #145, for our local south city area by increasing its use, by joining up more surrounding suburbs more successfully.
If the #145 is under-utilised, we would argue, it is because the route set for it had not been well enough thought out. From consultation we have done, and supporting the Bowenvale residents' petition submission to reinstate service for their valley, we attach (by separate email if necessary) a new local double-loop draft layout for the #145:
145-bus-remap-26Feb18-2-route-direction-arrows.jpg
The #145 service revision proposal retains elements of the original route, being centred on the Barrington Interchange hub and passing Christchurch South Intermediate and Cashmere High School very regularly, viz:
www.stuff.co.nz...
There are options in the proposal that can be explained further when we speak to you about this submission. That is, one or two small buses (as currently used - best for on and between the hills) could be on the figure-8 loop runs, doing the whole route off-peak, or one half of the route as a round circuit with greater frequency during the peak hours.
Also, both loops can be tightened if your route research supports that, to turn off at Hendersons Road towards Westmorland (rather than to Halswell and Kennedys Bush) in the west, and from Centaurus Road through Beckenham (rather than to Hillsborough and Opawa) in the east. But otherwise the larger and wider double-loop is preferred, servicing more area likely to generate the necessary revenue for retaining this very important local service. Circling round the Tannery to return west has been requested of the route re-draft, and Halswell and Kennedys Bush residents have also aired a wish for more service (via Neighbourly website).
Somerfield residents could this way achieve some service reinstatement that they desire, and also for Dyers Pass Road in Cashmere where the distances and hilly terrain make the Blue line bus inaccessible for the less mobile citizens and the loss of #63 route is lamented.
A vibrant Barrington hub would benefit from this #145 service route enhancement, serving shoppers and the commercial centre in Spreydon equally well.
Thank you for considering this submission.
Submission ID: 2018-28 LTP -1512
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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.
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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
If you're in need of tidying up and trimming your trees and shrubs over the winter months, Professional Tree Care can do it all. With 25 years experience enhancing residential and commercial properties I have the knowledge and expertise to get your property looking great. Please give Jonathan … View moreIf you're in need of tidying up and trimming your trees and shrubs over the winter months, Professional Tree Care can do it all. With 25 years experience enhancing residential and commercial properties I have the knowledge and expertise to get your property looking great. Please give Jonathan a call for a free consultation on 027 338 2726
We have a tablet that needs the charging outlet soldered to the motherboard. Can anyone help or let me know where to go to get this done please. Thanks
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.
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