Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


FFNZ Congratulate Cabernet Foods On PMSI Offer

19 May 2002

Cabernet Foods must be congratulated for being the first processing company to offer Personal Money Security Interests (PMSI) under the Personal Properties Security Act (PPSA) says Federated Farmer's President Alistair Polson.

"This legislation has the potential to provide the suppliers of goods a security over those goods that ranks ahead of other unsecured creditors like the banks. Registration of a PMSI will bump the supplier up the priority list in the event of a company collapse vastly improving the chance of a payout, said Mr Polson.

"I trust Cabernet Food's decision to offer PMSIs will be the catalyst for other meat processors to offer the same service to farmers. Cabernet Foods are demonstrating that the PPSA can be used as a positive procurement tool.

"I am aware that some farmers are having difficulty negotiating these arrangements with their processor and I would urge those people to register their concerns with the Federation by phoning PH 0800 327 646.

"One thing is for sure, processors will not provide PMSIs unless farmers demand them and value the outcome through their continued loyalty to the processor."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>


GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>


Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>


Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>