A collection of news and insights about our firm and developments in the law, finance and insolvency industries

  • What is a PMSI – new security for PPSA

    The Personal Property Securities Act (PPSA) has implemented a single national register that applies to all personal property security interests. The PPSA has also provided us with a set of priority rules to determine disputes between competing security interests. Of particular note is the Purchase Money Security Interest (or PMSI). A PMSI is a security […]

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  • credit application

    Are Your Credit Applications Good Enough?

    With inflation and interest rates on the rise some of your customers may be looking for ways to manage a liquidity squeeze. Unfortunately, those customers may see their trade suppliers as an “alternative financier” and may either extend your trading terms or indefinitely delay payment to ease […]

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  • property good collateral

    What to Consider When Seeking a Mortgage from a Debtor

    Real property is considered good collateral because it is historically a more stable and valuable asset that tends to hold its value over time. And what is a security? It is collateral that supports the payment of an obligation. The American Uniform Commercial Code defines a security simply as “an interest in […]

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  • What is a trading trust?

    A trust isn’t a legal person (like you or me or a company), you are actually only able to contract with the trustee and, if it is a trading trust, this is usually a $2 company. Therefore by accepting, say, a credit application you are actually entering into a contract with the company that is the registered holder of the ABN as trustee of the trust. To form a trust you usually settle […]

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  • personal guarantee

    What is a personal guarantee?

    A guarantee is a promise by a person to be answerable for a debt or obligation of another person/entity in the event that person/entity defaults. Seeking personal guarantees from directors is a common way for SMEs to limit their risk in commercial credit arrangements with other SMEs In NSW it isn’t necessary for a guarantee […]

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