Our team, headed up by Leigh Adams, is very familiar with loan agreements and asset leases and the best ways of ensuring that the lender or lessor gets their money back and their goods back after the transaction is over. Or when there is a breach. We draft and advise on these documents all the time.

In 2012, our laws regarding finance and asset securities were radically changed. Now, possession is very frequently more important than ownership. Having a simple retention of title clause in your consignment agreement or hire purchase agreement or equipment lease or sale agreement will no longer work for you if these new laws are not complied with. Just to give a brief example, if you supply goods on a buy now pay later basis without complying with the new laws and your customer goes broke, then the liquidator can retain your goods (which are yet to be paid for) and sell them to pay your customer’s own creditors. Now possession really is 9/10ths of the law – by law.

The new laws use new words that most people have never heard of before. What is a chattle paper? We can explain their meaning in plain English. In addition, we can explain the effect of these new laws (which are contained in the Personal Property Securities Act 2009) on your business and everyday transactions. We assist our clients by giving them an understanding of the alternatives available to them when selling, leasing or buying anything, and how to manage the risk when any aspect of their business requires them to part with possession of their goods, or inventory or anything else.

The strange thing about these new laws is that they apply to transactions counter – intuitively. We encourage our clients to discuss their transactions with us before they are entered into, to ensure that the securities they are seeking to be put into place, function properly.

We can explain if the news laws apply to your transaction and we can assist by drafting the clauses that now must appear in your documents to protect your business. We can unravel the various ways of perfecting a security interest for you and explain other alternatives.

It is important for our clients to know that their securities can sometimes be at risk even if they do comply with these new laws. We help our clients understand those risks and how to minimise them, by explaining the risks and exploring other ways of getting the outcome our clients are looking for.

We take the angst out of your business dealings by straight forward explanations of this new complex legislation and by protecting your interests. Cases are being decided on these laws now and problems with the legislation are being identified by the Courts. We follow these cases closely and can discuss ways of enhancing your position so that you can rest assured that your security has the highest possible priority.

If you have concerns, then please give us a call on 02 99640022. We get you there.

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