(Effective June 2019)
These Terms & Conditions stipulate the rights and obligations of AAC Wristbands (Aust) Pty Ltd ACN 102 995 040 trading as AAC Event Specialists (AAC) of 8 Millennium Circuit, Helensvale, Queensland 4212 and its clients and are subject to amendment, modification, consolidation or replacement from time to time by AAC. These Terms & Conditions expressly apply to the ordering, purchase, provision and delivery of goods and services online, on-site or through AAC’s customer service sales centre and form a contract between the client and AAC (Terms & Conditions).
1.1 The client will be bound by these Terms & Conditions each time the client submits an order to purchase goods and/or services from AAC, which order shall constitute acceptance of these Terms & Conditions. Each order placed by the client will be regarded as a separate contract accepted between the client and AAC for the supply of goods and/or services. Any supplementary instructions received by the client shall also constitute acceptance of these Terms & Conditions.
1.2 Nothing contained within these Terms & Conditions is intended to have the effect of contracting out of any applicable provisions of Commonwealth legislation as contained within the Competition & Consumer Act 2010 (Cth) or the Fair Trading Acts (State & Territory) as applicable in each individual State and Territory within Australia except to the extent permitted by those Acts where applicable.
2. Price & Payment
2.1. The client must provide full payment by cleared funds for any goods and/or services upon the order of said related goods and/or services free of any set off, counterclaim or any other deduction. All payments must be received in whole and in a single manner of the client’s choosing (unless a separate agreement applies).
2.2. At the discretion of AAC, a deposit may be required for custom orders. The deposit amount or percentage of the price will be determined at the time of ordering custom products and/or services, and shall become immediately due and payable before any custom order can proceed.
2.3. If a client, in their absolute discretion, chooses to provide payment by credit card, the client accepts to pay all additional and attributable costs equal to the costs issued by the applicable financial institution and as incurred by AAC as a direct result of a credit card payment. Any additional and attributable costs issued by financial institutions may vary from time to time and are expressly applicable without any forewarning.
2.4. As at May 2019, for payment by American Express, a client will be charged 1.8% of the total invoice value and for payment by other accepted credit cards (Mastercard and Visa), a client will be charged 1.5% of the total invoice value. For payment by PayPal, a client will be charged 4%.
2.5. All prices provided in any estimate or quotation to a client shall be valid for fourteen (14) days only.
2.6. AAC may increase the price of any product and/or service ordered by a client at any time arising as a result of any increased costs passed on to AAC by any third party and/or supplier or as a result of any change of law, including increases in any rates of applicable taxation.
2.7. The chargeable weight for the quantity of products actually delivered consists of the physical weight of the products as per a client’s final tax invoice (inclusive of the weight of packing materials and packaging).
2.8. All payments due on all client purchases are to be made in Australian currency (AUD) free of exchange and shall be made directly with AAC in Australia as stated on the sales order.
2.9. The parties agree that AAC may issue tax invoices in portable document format (PDF) to the nominated email address specified by the client.
2.10. The client is not entitled to withhold payment or make any deduction from the quoted price of any goods and/or services in respect of any set off or counterclaim.
2.11. If the client fails to pay for any of goods and/or services, AAC may in its absolute discretion, but without prejudice to any other remedy it may have, postpone the fulfilment of its obligations under these Terms & Conditions or under any other order or briefing with the client until such payment is made and charge to the client any extra expense incurred thereby.
3. Credit Accounts
3.1. A client with a credit account with AAC is so defined as a client who has successfully completed an initial pro-forma order with AAC and has received written credit approval from AAC upon the completion and return of a credit application form.
3.2. The execution of the application for a credit account constitutes an offer by the client to acquire and use a credit account upon these Terms & Conditions.
3.3. If AAC approves a credit application, such approval will constitute acceptance of the offer and will create a contract between AAC and the client upon these Terms & Conditions (Credit Contract). This clause applies to all entities excluding a Government Body.
3.4. For the purpose of considering a credit account application, and at any time during the term of the contract, the client authorises AAC to make such enquiries as AAC may require to be satisfied as to the creditworthiness of the client. The client agrees to provide signed written authorities addressed to the client’s banker or other credit providers, credit bureau or mercantile agencies as AAC requires from time to time.
3.5. AAC shall in its discretion specify the maximum (GST inclusive) amount that may be charged to a credit account over a particular period (“credit limit”). The client’s credit limit is subject to review at any time by AAC. AAC may, on request in writing by the client, agree in writing to increase or decrease the credit limit. The balance of the credit account at any time must not exceed the credit limit.
3.6. The client is responsible for and indemnifies AAC against any unauthorised use of a credit account.
3.7. The client agrees to pay AAC a credit account in full upon receipt of any goods and/or services by no later than the authorised number of days approved within the credit application form (up to a maximum of 30 days from the end of month of invoice date). This clause applies to all entities excluding a Government Body.
3.8. The client may be required to provide AAC (either prior to the approval of the credit account application or during the term of the credit contract) with a bank guarantee (in a form acceptable to AAC) to secure the client’s performance of the credit contract. This clause applies to all entities excluding a Government Body.
3.9. As a term of its approval of the credit application form (or at any time during the term of the credit contract), AAC may require the client to provide other security for performance under the credit contract. For example, if the client is a company, a guarantee (in a form acceptable to AAC) may be required from each director and/or shareholder of the client or any other person associated or related entity of the client.
3.10. The client warrants that all statements made and documents provided in connection with the credit account application and all representations that the client has made or may make during the term of the contract to AAC are true and correct and that the credit account is required for the client’s business or commercial purposes and will not be used for personal, domestic or household purposes.
3.11. The client acknowledges that AAC relies on the correctness of warranties supplied in approving the credit account application and continues to rely on these warranties in its further dealings with the client.
3.12. The client must notify AAC within seven (7) days of any change in the constitution, ownership, membership or control of the client, or any change or proposed change in the client’s address. Despite the occurrence of any of these changes, the client’s obligations under the credit contract continue. However, AAC may require a new application to be executed.
3.13. AAC may, acting reasonably, at any time suspend or terminate the client’s credit account on seven (7) days’ written notice to the client. AAC may suspend or terminate the contract immediately by written notice to the client where:
(i) AAC was induced by an incorrect or fraudulent representation on the client’s part to approve a credit account application;
(ii) The amount charged to a client’s credit account exceeds the credit limit at any time without the prior written approval of AAC;
(iii)Any amount charged to the credit account is due and unpaid;
(iv) In the reasonable opinion of AAC any change in circumstances including, without limitation, changes in the client’s constitution, ownership, membership, control status or ability to provide security for payment of amounts which have or are likely to be charged to the credit account, makes the continuance of the credit contract undesirable or unsatisfactory for AAC;
(v) The client becomes, threatens or resolves to become or is in jeopardy of becoming subject to any form of insolvency;
(vi) The client being a partnership dissolves, threatens or resolves to dissolve or is in jeopardy of dissolving;
(vii) The client being a natural person, dies or, the client ceases or threatens to cease conducting business in the normal manner;
(viii) The client uses the credit account for any non-commercial purposes including, without limitation, for personal, domestic or household purposes; or,
(ix) The client is otherwise in default under the credit contract.
3.14. The client may terminate the credit contract by not less than seven (7) days’ prior written notice to AAC.
3.15. If either AAC suspends or terminates the credit contract or the client terminates the credit contract, the balance of the credit account and any amounts incurred but not then issued within a tax invoice shall become due and payable by the client to AAC.
3.16. AAC may vary the Terms & Conditions of a credit contract with respect to future transactions between AAC and the client by giving to the client not less than seven (7) days’ prior written notice specifying the variation and the date on which the variation becomes effective.
3.17. The client must not assign the credit contract without the consent in writing of AAC.
3.18. Failure by either party to enforce its obligations under the credit contract does not constitute waiver of that party’s rights unless it is in writing, nor does it affect any other obligation of the other party, including obligations to make any further payments as and when they fall due.
4. Estimates & Quotations
4.1. All estimates or quotations are only valid when provided in writing by AAC. AAC shall not be bound by any estimate or quotation if an order is not placed within 14 days from the date of estimate or quotation.
4.2. An estimate or quotation is not to be construed as an obligation to purchase but merely an invitation to consider purchase and no contractual relationship shall arise from it until the client’s sales order has been accepted by AAC.
4.3. AAC shall not be bound by any condition/s attaching to the client’s order or acceptance of an estimate or quotation and, unless such conditions are expressly accepted by AAC in writing, the client acknowledges that such conditions are expressly negated.
4.4. AAC and the client expressly agree that an order placed with AAC shall not be governed by the provisions of the United Nations Convention on Contracts for the International Sale of Goods adopted in Vienna in 1980 (known as the “Vienna Convention”) and that the provisions of the Vienna Convention are expressly excluded.
5. Products & Orders
5.1. All products to be purchased by the client are described online (written descriptions) or through AAC’s customer service sales centre (verbal descriptions) and further provided in written form on estimates and quotations, sales orders and work authorisations, tax invoices or any other written forms as provided by AAC to the client.
5.2. Any variation from the scope of scheduled works or specifications as per a sales order confirmation will be charged for on the basis of AAC’s estimate or quotation given when the client requests the variation, and will be shown as variations on the sales order. Payment for all variations must be made in full at their time of request before any variations can be executed.
5.3. If any dispute arises concerning any order (including any question of identity, authority or any phone, fax or computer generated order), AAC’s internal records shall be conclusive evidence of what was ordered.
5.4. Notwithstanding Limitation of Liability, if any product sold by AAC develops any fault which is due to a defect in manufacture, processing or material and which in the client’s opinion precludes reasonable usage, then provided such products are returned to AAC within seven (7) days of AAC becoming aware of the fault, AAC will, at their discretion, either:
(i) Repair or replace the products in good faith at no additional manufacture, processing or material charge excluding any dispatch and delivery fees additionally incurred by the replacement of said products to the client; or,
(ii) Make such allowance in a reduction in the then current price for the products as appropriate, after taking into account any usage already rendered by the products in question excluding any dispatch and delivery fees already paid.
6. Supply & Delivery
6.1. AAC reserves the right to charge for any applicable freight and/or courier charges (and additional insurances requested by the client) for the delivery of products ordered by the client. Freight and/or courier charges and/or additional insurances requested by the client will be included in the tax invoice derived from the relevant sales order.
6.2. Unless agreed otherwise in writing, all goods shall be delivered by a carrier of AAC’s offering at the selection of the client.
6.3. The client may elect to arrange collection, transport and/or delivery, at the client’s discretion, at the cost and responsibility of the client and without any liability whatsoever to AAC.
6.4. The client acknowledges that both freight and/or couriers engaged by AAC neither offer nor arrange insurance or coverage for any damage, delay, loss or instability to any goods in transit. The client acknowledges that the prices charged for the services of transit and delivery have been agreed to taking into account that neither freight and/or couriers engaged by AAC do not offer or arrange such insurance or coverage.
6.5. Any insurance required by the client for any goods is to be arranged by the client independently of these Terms & Conditions.
6.6. The client agrees that no delay, failure or instability to fulfil any part of any order that falls outside of the direct control and/or reasonable influence of AAC shall entitle the client to cancel, vary any order or delay or reduce any payment.
6.7. The client agrees to pay for any additional insurances, customs duties, demurrage or other costs and expenses in handling and/or holding any goods once ready for delivery and/or collection.
6.8. The client shall be deemed to have accepted delivery and liability for goods on being notified by AAC that goods are ready for dispatch or collection and/or on goods being delivered by a nominated carrier by AAC to the client’s registered business premises or nominated site whether attended or not or collected at the client’s own cost and responsibility.
6.9. A proof of delivery purporting to be signed by the client and/or a representative of the client confirming delivery shall be conclusive evidence of delivery as shall any signed delivery docket.
6.10. AAC may stop goods in transit whether or not delivery has been made to the client if the client is in default at any time.
6.11. Delivery of goods to a third party nominated by the client will be deemed to be delivery of goods to the client for the purposes of these Terms & Conditions.
7. Cancellations & Returns
7.1. AAC will not accept the cancellation of any orders without prior approval and, if such approval is provided by AAC, the client shall be liable for any costs incurred by AAC up to the time of cancellation.
7.2. AAC will not accept the return of any products without prior approval and if products are not in brand new and unused conditions with undamaged packaging and if seven (7) days or more have passed from the date of delivery. Should the client fail to comply with these Terms & Conditions, the products shall be conclusively regarded to be in accordance with the Terms & Conditions of ordering and free from any defect or damage.
7.3. It is the responsibility of the client to inspect all ordered products upon delivery and within seven (7) days from the date of delivery and notify AAC in writing of any alleged defect, shortage in quantity, damage or failure to comply with the product description and/or estimate or quotation.
7.4. AAC shall be afforded the opportunity to inspect all products within a reasonable time following return if the client believes products are defective in any way due to manufacture or materials only.
7.5. For any alleged defect, shortage in quantity, damage or failure to comply with the product description and/or quotation, which AAC has agreed in writing that the client is entitled to reject, AAC’s liability is limited to either (in its discretion) replacing and/or repairing the products provided that:
(i) The products are returned within seven (7) days of the date of delivery; and,
(ii) The products are returned in the condition in which they were delivered.
7.6. AAC will not be liable for products which have not been stored or used in a correct manner or for any damage incurred during transit.
8.1. The client shall rely on its own knowledge and expertise in selecting any goods and/or services for any purpose and any advice and/or assistance provided by or for AAC shall be at the client’s risk and shall not be or be deemed to be given as an expert or advisor nor to have been relied on by the client or anyone claiming through AAC.
8.2. All goods are sold subject to all applicable trading terms (Terms & Conditions), warranties and representations of the original manufacturer where AAC is not the manufacturer.
8.3. The client agrees to:
(i) Check all goods for compliance with all applicable laws, standards and/or guidelines before use, on-sale and/or application; and,
(ii) Comply with all applicable laws, standards and/or guidelines and with all recommendations and/or directions made and/or given by AAC and/or by another manufacturer.
9. Risk & Title
9.1. Title remains with AAC until the client has paid for all goods supplied in full and in cleared funds.
10. Intellectual Property
10.1. Where AAC has designed, drawn or produced goods for the client in any form, the copyright for said designs, drawings or produced elements shall remain vested to AAC and the client shall only be entitled to use the design, drawing or produced elements by licence granted by AAC in accordance with this clause.
11.1 The client indemnifies AAC against any claim or loss arising from or related in any way to any dealing between AAC and the client and/or arising under these Terms & Conditions.
12. Security Agreement
12.1. The client agrees that these Terms & Conditions, including any sales order and tax invoice covering any goods ordered by the client, together constitute a security agreement for the purposes of the Personal Property Securities Act 2009 (Cth) (PPSA).
13. Security Interest
13.1. The client gives AAC a security interest in:
(i) All goods supplied by AAC that are described in any estimate or quotation, sales order or tax invoice, delivery receipt or shipping documentation of the client or order documentation that AAC provide to the client;
(ii) All present and future inventory and accounts as original collateral; and,
(iii) All present and future property of the client’s including real property. The client agrees that AAC may lodge a caveat against any real property. The client agrees to give AAC a mortgage in respect of any of real property in registrable form if required by the client.
13.2. The security interest given by the client is given as beneficial owner. If the client is a trustee of any trust, the client acknowledges that the security interest given by AAC applies to the assets of the trust and the client’s personal assets.
13.3. Any security interest that arises under this clause is a continuing security interest. It applies to all real property, personal property and any proceeds. It is not extinguished or in any way diminished even if any goods or any part of them is processed or commingled with and becomes part of a product or a mass as part of a manufacturing, assembling or commingling process.
13.4. Any security interest arising secures the due and punctual payment of all moneys payable by the client under these Terms & Conditions.
13.5. AAC may register a financing statement, including any financing change statement, on the Personal Property Securities Register (PPSR). The client will wholly reimburse AAC for any costs and expenses and other charges incurred by AAC in registering the financing statement against the client.
13.6. The client acknowledges that until they have paid for all goods, the client is not the owner of those goods and, as such, if Chapter 4 of the PPSA applies to these Terms & Conditions, then the client contracts out of the enforcement provisions referred to in Section 115(1), except Sections 120 and 121.
14.1. If an event of default occurs or is continuing, AAC may immediately enforce these Terms & Conditions. Without limitation, this includes:
(i) Retaking possession of any goods not paid for by the client;
(ii) Suspending delivery of any goods on order and/or refusing to process any unfulfilled order;
(iii) Enforcing any security interest;
(iv) Requiring payment in full prior to delivery;
(v) Requiring payment of any proceeds held by the client in a separate account or otherwise; and,
(vi) Appointing a receiver and manager of any of the client’s real or personal property that is subject to a security interest. The client agrees that any such receiver and manager has the powers conferred by the Corporations Act 2001 (Cth).
14.2. The powers exercisable by AAC are those given by these Terms & Conditions, including the PPSA, at law or in equity.
14.3. In the event that the client has not been paid for the on-sale of AAC’s goods by any customer of the client, at AAC’s discretion and option, AAC may in addition to the powers in Section 120 of the PPSA, collect that account on giving the client’s customer notice in writing to that effect.
15. Force Majeure
15.1. AAC is not liable for any delay or the failure to perform any obligation in the client’s favour arising as a result of a force majeure event.
16.1. The client must advise AAC if it changes its name, any of its officers or management, its registered office, become a trustee of any trust or, cease to be so, or the constitution of any partnership of which AAC is a member changes.
16.2. Any certificate signed by AAC, any director or any person authorised by AAC as to the amount due and payable by the client is sufficient evidence of the client’s liability to AAC under these Terms & Conditions as at the date of any such certificate unless proven wrong.
16.3. If any provision of these Terms & Conditions is unenforceable for any reason, it will not invalidate any other provisions which will remain in full force and effect despite that invalidity.
16.4. These Terms & Conditions contain the entire agreement in respect of the supply of goods and/or services to the client.
16.5. AAC may at any time set off any amount the client owes AAC against any amount payable by AAC to the client whether or not the amount AAC owe the client is due and payable or actually or contingently payable by AAC.
16.6. AAC shall be under no liability whatever to the client for any indirect loss and/or expense (including loss of profit) suffered by the client arising from a breach by AAC of these Terms & Conditions.
16.7. AAC reserves the right to review these Terms & Conditions at any time and from time to time. If, following any such review, there is to be any such change in such Terms & Conditions, that change will take effect from the date AAC notifies the client of such change.
17. Governing Law
17.1. These Terms & Conditions are governed by the laws of Queensland and, where applicable, the Commonwealth laws of Australia. AAC submits to the non-exclusive jurisdiction of any Queensland court and waive any rights to claim that courts there are an inconvenient forum.
18.1. Any notice required under these Terms & Conditions may be given by any party, any director or authorised person of that party.
18.2. Any notice may be given at that party’s registered address or other address stipulated in application in connection with these Terms & Conditions or as notified in writing for the purposes of this clause. Without limitation, this includes any electronic address notified to the other party.
19.1. For the purposes of any payment obligation of the client under these Terms & Conditions, time is of the essence.
20. Exclusion of Implied Terms
20.1. To the extent permitted by law, all conditions, warranties, terms and consumer guarantees implied by law (including the Australian Consumer Law) arising in connection with a supply of goods or services are hereby excluded. To the extent permitted by law, ACC’s liability is limited to replacing the goods or supplying equivalent goods or, in the case of services, by supplying the services again.
21. Limitation of Liability
21.1. To the extent permitted by law, any liability in contract, tort (including negligence) or otherwise, in connection with the supply of goods and/or services for indirect damages or losses, or for any special, punitive or exemplary damages of AAC is expressed excluded and negatived.
22.1 On default or breach of any part to these Terms & Conditions by the client, AAC may, amongst other things, terminate any contract, retain all monies paid, cease further deliveries and/or provision of goods/services, recover all lost profits and/or at its discretion, take immediate possession of any goods not paid for without prejudice to any other rights without being liable in any way to any party.
22.2. Where the client has defaulted in its payment obligations under these Terms & Conditions for any overdue amounts owing by the client to AAC in connection with the contract, the client accepts and agrees to pay:
(i) Interest on all overdue moneys at the rate of 10% per annum calculated daily and compounded monthly; and,
(ii) All costs, damages and expenses (including legal costs on a solicitor and client basis) incurred by AAC as a consequence of the client’s default and AAC’s recovery or attempted recovery of the debt owing.
22.3. AAC may apply any payment in reduction of fees, interest, costs and/or any principal debt in such order or priority as AAC in its discretion deems appropriate.
22.4. The client irrevocably authorises the payment directly to AAC of any debt due by any of its debtors in reduction of any amount due to AAC under these Terms & Conditions or otherwise.
23. Privacy Act 1988 (Cth)
23.1. The client agrees for AAC to obtain from a credit reporting agency a credit report containing personal credit information about the client and any guarantor/s if applicable, in relation to credit provided by AAC.
23.2. The client agrees that AAC may exchange information about the client with any credit providers named in the ‘Application for Credit’ form or named in a consumer credit report issued by a reporting agency for the following purposes:
(i) To assess an application by the client; and,
(ii) To assess the credit worthiness of the client.
23.3. The client agrees that any personal information provided may be used and retained by AAC for the following purposes and for other purposes as shall be agreed between AAC and the client or required by law from time to time:
(i) The provision of goods and/or services;
(ii) The marketing of goods and/or services by AAC, its agents or distributors in relation to the provision of goods and/or services;
(iii) Analysing, verifying and/or checking the client’s credit, payment and/or status in relation to the provision of goods and/or services;
(iv) Processing of any payment instructions, direct debit facilities and/or credit facilities requested by the client; and,
(v) Enabling the daily operation of the client’s account and/or the collection of amounts outstanding in the client’s account in relation to goods and/or services.
23.4. AAC may provide information about the client to a credit reporting agency for the following purposes:
(i) To obtain a consumer credit report about the client; and,
(ii) Allow a credit reporting agency to create or maintain a credit information file about the client.
24.1. “AAC” and “AAC Event Specialists” refer to AAC Wristbands Australia Pty Ltd ACN 102 995 040 trading as AAC Event Specialists.
24.2. “Goods” refer to those goods (including wristbands and wristband accessories, lanyards and lanyard accessories, tickets and ticket accessories, tokens and token accessories, branded merchandise/promotional products and/or any other products or product accessories as requested by the client) supplied by AAC to the client and includes any advice or recommendations in association and related to said goods (and where the context so permits shall include any supply of goods as so defined).
24.3. “Services” refer to any professional services supplied by AAC to the client and include any design, material and/or print advice, recommendations and/or services (and where the context so permits shall include any supply of services as so defined).
24.4. “Price” refers to the cost of goods and/or services as agreed between AAC and the client pursuant to these Terms & Conditions.
24.5. “Client” refers to any consumer, customer, entity, government, guarantor, patron, purchaser or the nominated representative/s acting on behalf of and with the authority of the client of AAC and who agrees herein to be liable for all debts of the client on a principal debtor basis.
24.6. “GST” means any goods and services tax or similar taxation, together with any related interest, penalties, fines or other charge. Tax invoice, taxable supply and value have the meaning given to them by the GST Law. “GST Law” means A New Tax System (Goods and Services Tax) Act 1999 (Cth).
24.7. “Guarantor” means that person, or entity, who agrees to be liable for the client’s debts whether on a principal debtor basis or who is otherwise a surety of the client.
24.8. “Government Body” refers to (a) any level of government of any political subdivision recognised within the Commonwealth of Australia under the Commonwealth of Australia Constitution Act 1977, (b) any instrumentality of any such government within the Commonwealth of Australia, (c) any other person or organisation authorised by law to perform any executive, legislative, judicial, regulatory, administrative, military or police functions of any such government within the Commonwealth of Australia, and (d) any intergovernmental organisation within the Commonwealth of Australia.
24.9. The singular includes the plural and the converse if not otherwise stated.
24.10. A gender includes all genders if not otherwise stated.
24.11. All defined terms include their corresponding grammatical forms.
24.12. “Event of Default” means:
(i) The client fail to pay when due any moneys owing to AAC under these Terms & Conditions;
(ii) An Insolvency Event occurs or is continuing; and/or,
(iii) The client breaches any other provision of these Terms & Conditions and fail to cure it within 5 business days’ notice from AAC to do so.
24.13. “Default” has a corresponding meaning to Event of Default.
24.14. “Insolvency Event” means:
(i) An administrator is appointed to the client or any Guarantor;
(ii) Except for the purpose of a solvent reconstruction or amalgamation previously approved by AAC, an application or an order is made, proceedings are commenced, a resolution is passed or proposed in a notice of meeting, an application to a court or other steps are taken for the client’s winding up, dissolution or administration or any guarantor or the client or any guarantor entering into an arrangement, compromise or composition with or assignment for the benefit of the client’s creditors or a class of them;
(iii) The client ceases, suspends or threatens to cease or suspend the conduct of all or a material part of its business or dispose of or threaten to dispose of a material part of its assets;
(iv) The client or any guarantor is, or under legislation is presumed or taken to be, insolvent or cease to carry on its business;
(v) A receiver, receiver and manager, administrative receiver or similar officer is appointed in respect of the client or any guarantor;
(vi) Any distress, attachment, execution or other legal process is levied, enforced or sued out on or against all or any material part of the client’s assets or any guarantor and is not discharged or stayed within 20 business days; and,
(v) A security interest becomes enforceable or is enforced.
24.15. “PPSA” means the Personal Property Securities Act 2009 (Cth).
24.16. The expressions “account,” “collateral,” “financing statement,” “financing change statement,” “inventory,” “proceeds,” “purchase money security interest (PMSI),” “security agreement,” “security interest” and “verification statement” have the meanings given by the PPSA. Without limitation, “security interest” bears its natural meaning. It also applies to all land and licences and personal property that is not personal property covered by the PPSA.