Sale of Goods, Retention of Title - Protection?Published: 12-Jun-2014
If you sell goods and expect to retain ownership until paid, you could well be unsuccessful unless you satisfy some red tape.
Goods are often sold with a Retention of Title clause, which in its simple form means that title does not pass until payment occur. Early notice of the Terms of Trade and properly drawn Conditions of Sale are important. However, even more important today is to register that interest on the Property Securities Register.
The register has an online service, allowing “owners of goods” to protect their interests.
This has a relatively straight forward process, with tutorials available.
If the registration is not made, a liquidator will be entitled to disregard your claim that you are the ‘owner of the goods’. The result will be a bad debt, unless you have some other recourse e.g. a director guarantee.
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