Supplier/retention of title issues
In the current economic climate, suppliers may have customers who are in financial difficulty and unable to pay for goods supplied.
We can help you draft your terms and conditions to include an effective retention of title clause, which will normally allow you to recover the goods you have supplied if they are not paid for in an insolvency situation.
If any of your customers enters insolvency we can advise you on your options, which may include agreeing a sale strategy for your stock with the insolvency practitioner, or negotiating the sale of your stock to any purchaser of the insolvent business.
If appropriate, we can assist you with a recovery strategy, including liaising and negotiating with insolvency practitioners and, if necessary, applying to the court to seek the delivery up of your goods.
We appreciate this can be an anxious time and know how important it is that you achieve the best possible result. Often time-critical, getting the right advice first time and a quick response is crucial.
With Shoosmiths, you can rest assured that our highly experienced team will work to recover your assets or explore other options available to you.
- Recently acted for clients seeking to exercise their retention of title claims, including administrations of Focus DIY and Clinton Cards, which both involved clients' stock located at a large number of retail outlets.