In order to successfully make a Retention Of Title claim you need to be able to prove that the buyer accepted your terms of trade and you need to be able to identify your own goods – which can be complicated if their identifying number has been removed, or if they have been sold on to a third party or if they have been processed or incorporated into another product.
If you have supplied goods and not been paid in full, you can apply to take those goods back if you have a properly drafted Retention Of Title (ROT) clause in your trading terms. ROT clauses should always be drawn up, and reviewed, by a legal expert.
How We Can Help
To avoid suffering substantial business losses, you should have all your existing ROT clauses and terms of trade reviewed by a solicitor. Else Solicitors can advise you whether the terms you have in place provide sufficient protection and whether you are obtaining sufficient proof from the client that they have been accepted. Your business terms need to be specific to your individual business circumstances, and simply copying another company’s terms could be a costly error.
Else Solicitors can also help you when you are faced with negotiating with a liquidator for the return of your goods or payment. The liquidator may offer to pay less than full value for the goods. At this point, our team of specialist solicitors can help you decide whether to accept the offer, whether to negotiate for more or whether to resort to court action. We will help you make a practical and realistic assessment of what is best for your business.
For more detailed legal advice on how we can help, please contact the insolvency and business recovery team team on 01283 526200, alternatively you can send us a message and one of our specialist solicitors will be in touch.
Winding Up Petition
Administration & Liquidation
Wrongful Trading & Directors Liabilities
Retention Of Title Claims
Insolvency & Personal Bankruptcy
How can we help?
Get in touch.
At Else, we are specialists when it comes to business debt restructuring practices and insolvency legislation.
If you would like to speak to one of our business recovery solicitors contact 01283 526200. Alternatively, you can send us a message and we will get in touch at a time that suits you.