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PMSI’s and trust companies, to ABN or to ACN

Credit managers, if your customer trades its business under a trust structure, please be sure to register your PMSI* based on your customer’s ABN, not ACN. If your customer fills out its credit application with you and only supplies its business name and/or ABN, please be sure to run (at least) a free ABN look-up** to make…

Why would anyone buy a gift card?

There is more pain on the way for gift card holders, following the Voluntary Administration of Toys ‘R’ Us Australia. The Administrators will not honour customer gift cards, unless those customers spend an additional equivalent amount at the stores. Ordinarily, under Australian law, gift card holders rank as unsecured creditors in a Voluntary Administration. It’s not yet…

Liquidator cab-rank proposal is wrong

Is the Liquidator cab-rank appointment mechanism proposal back on the Government’s agenda? For all our sakes, I hope not! According to a joint Australian Taxation Office and ASIC webinar on illegal phoenixing activity that I listened to today, it almost certainly is. The cab-rank proposal would require a liquidator to consent to a court liquidation…