I was at a meeting last month out at Bankstown with client of mine called Jay, who is a commercial concreter. When I mentioned the benefit to his business of implementing Terms and Conditions of Trade to utilise the PPS Register, Jay response was â€œI don't need the PPSR because I only deal with 4 to 5 clients all year long and have dealt with them for a number of years giving us a turn over of over $1 million per annumâ€.
When I asked Jay the question â€œwhat would happen if any of your clients went into liquationâ€? There was dead silence. We worked out that it would cost less than 0.3% of his turnover to make Jay a secured creditor on the PPS Register, helping to protect his cash flow.
We will keep you posted on further developments.