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19 March 2020COVID-19
Firstly, look at your t&cs to make sure that you have a retention of title (ROT) clause.
Talk to your solicitors if you are uncertain or want to make sure that you have sufficient protection from a legal perspective. You may want to talk about simple and all monies clauses.
Then you must make sure that you follow the correct procedure when you supply goods. You must convey your terms before the supply of goods - a note on the back of your invoice is unlikely to be enough, ideally you would have acknowledged terms and conditions from your customers.
When relying on ROT on a business failure contact the insolvency practitioner (IP) at the first opportunity and insist on visiting to identify goods ASAP. Make sure that the IP acknowledges your claim and agrees to pay for anything that they use in trading
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