A local builder in the Hunter region turned to EC Credit Control for assistance when a client owing him $10,000 went into liquidation and there was no dividend paid to unsecured creditors.
Through EC Credit Control the business now has current Terms of Trade documentation (Credit Application, Directors guarantees, Invoice, Quote, Job Completion, Variation forms and Contracts) tailored to the businesses needs and current with all legislation requirements. In addition EC Credit Control have registered the builders key clients on the PPSR.
The Personal Property Securities Register (PPSR) was introduced in January 2012 and is the National register for all personal property other than land, buildings and fixtures. Key is that when a complete and correct registration is in place the party becomes a â€œsecuredâ€ creditor in an insolvency event and any payments the creditor has received in the previous 6 months will not be deemed a â€œpreferential paymentâ€.
The builder said â€œI recommend every business to take advantage of the free appraisal EC Credit Control does on your business, the documentation and credit management systems you are using. Especially with the recent changes to the Home Building Act around contract requirementsâ€¦.it's a mustâ€.