Don’t leave it to chance.
A true story from a receivership, in five posters. Click one to read that part.
I hope they have since learned why the PPSR matters, and register financing statements for the goods they supply on trade credit. There are countless stories like this one, and MBIE itself stresses how important the register is.
The register matters, and so does the tool you use with it. Searching, registering and maintaining statements should be foolproof. That is what MiPPSR is meant to be.
The full story
I used to work for a liquidator in an insolvency practice. We were appointed receivers of a supermarket, and part of the job was to review the goods on the premises and distribute them to the right security holders.
One supplier came to collect their goods. Every carton carried their brand name, and no one else supplied that product.
They were not a secured creditor.
We had the difficult task of explaining that, without security, they were not entitled to those goods. The goods would be sold for the benefit of the secured creditors. They were upset and confused. They took legal advice, and the answer was not what they wanted to hear.
I hope they have since learned why the PPSR matters, and register financing statements for the goods they supply on trade credit. There are countless stories like this one, and MBIE itself stresses how important the register is.
The register matters, and so does the tool you use with it. Searching, registering and maintaining statements should be foolproof. That is what MiPPSR is meant to be.
“It should be harder to make a mistake than to get it right.”
There is a saying in trade credit: don’t leave it to chance. In the same way, don’t wish that your debtors will pay you back. Secure your chances on the PPSR.