Retention of Title
If you are a supplier of goods to any industry sector, more than likely your business will have had to face the prospect of an insolvent event resulting in an arm wrestle to try to get the goods back that you have supplied but which have not been paid for.
Companies in financial distress may look to trade their way out of their problems. Recognising the indicators of such distress is essential to try to avoid the problem of supplying goods and then not being paid for them. More important however is to ensure that your terms and conditions of trade prevail and that they include a robust and functioning retention of title clause.
Retention of Title
A retention of title clause which is effective is designed to enable you to recover the goods that you have supplied to a company in insolvency that have not been paid for. Retention of title is notoriously hard to enforce and so the more advice you have and the more robust the clause is in your terms and conditions, the better the chance you have of recovering your valuable stock.
Even where retention of title may not be enforceable, we can assist you and discuss strategies for recovery with you. That may involve court action if that is possible or a simple negotiation with the insolvency practitioner who has control of the insolvent business.
As with all insolvency related matters, when it comes to Retention of Title, timing is critical. If your stock is interfered with or moved, identification and recovery of it can become very problematic.
Talk to Tollers
So if you are a supplier of goods, get in touch with our expert corporate insolvency team and we will help you get your retention of title clauses as robust as they can be and, if you are faced with an insolvent customer, we can assist you in your recovery strategy.