The local and global lockdowns take us in to uncharted waters. All we know is that it is going to be very rough and that there will be many casualties - not from the virus but from the economic fallout.
It would be very wrong of me to suggest that the PPSA is a universal "cure all" to fully protect businesses at this time. It won't, but it can help.
I have thought about some of the major issues facing companies now and how I can help you better protect your company , using what PPSA has to offer. Out of this I have put together a tailored range of services to fit this time. See what applies to your business and then call me for a no obligation conversation.
You probably already know that your agreements create a security interest and maybe in the dim, distant past your lawyer or accountant told you that you should be registering on the PPSR. If you have done so - great, but if not, your business is now at huge risk. To help you manage your risk we will:
Register against all customers who hold your equipment
Search the PPSR for all customers who have any of your equipment
Provide a summary for each customer, clearly identifying any competing creditors with a claim in your equipment
Suggest steps you may take to improve your position where you are at risk
Recommend (and implement) procedures to best protect you in the future
If you have registered on the PPSR you will have already seen the valuable benefits when a customer becomes insolvent. The flip side is also true - if you do not register, you will probably face a total loss on the insolvency of a customer.
As a supplier of goods you can get a "super priority" for goods supplied and beat out all other creditors. The immediate problem is that this only really works for goods supplied after registration on the PPSR, so you really need to look to the future. There is no standard answer for suppliers of goods, but there is a best practice approach. We will:
Have a brief discussion to understand your business and be able to advise on benefits of registration
Consider your current position where you may be at risk. Identify your main customers that could cause real problems and see if there is anything we can do to lessen the risk
Recommend and implement a longer term strategy of registration so that you get the best protection for future supplies.