eKourier Jan 2009

Well Managed Delinquents cont...

name i.e. You may overlock, sell up etc.

administration, or liquidation. • All of these will result in a change of approach on your part and the Storer’s. • Firstly, ensure that the storage agreement was in fact signed by the company, and not an individual. In other words, ensure the name on documentation matches that on your records as being the Storer. If the documentation refers to a company but the Storer is an individual, advise the party serving the Notice that the company is not storing with you. Once Notice is received — Standard Self Storage Agreement • You should remove any overlock you have placed on the storage Space. Because you do not have priority over other creditors, you are unable to sell or deny access to the goods. By maintaining an overlock, you are suggesting that you have some control over the goods – this leads to complications with regards to the denial or granting of access to goods. Note that this does not mean removing the Storer’s lock. • You should immediately send a copy of the letter entitled ‘Letter to Liquidator – Standard Self Storage Agreement’ (please liaise with me on this). If there is no

response within 28 days of receipt, the liquidator/receiver/administrator is liable for the storage fees, and you should direct your account for fees accruing as of that date to them.

Outstanding Fees

• You are unable to sell the stored goods to cover your storage fees. • Instead, once a request is made for creditors to provide details to the receiver, you should submit your bill at that time. • You can only charge for the period up until the receiver is appointed, and not later. • This is why it is imperative that you force the receiver to claim or disclaim the goods and contract and hence either become liable for storage fees from that point, or remove the goods so you may rent the Space.

Account

• Because the Storer has gone into liquidation/receivership/administration, you are unable to enforce the Standard Self Storage Agreement or Managed Storage Agreement and sell the goods to obtain payment for outstanding fees. Instead, you will need to forward a copy of your account, only up until the date of liquidation/receivership/administration, to be paid along with all other unsecured creditors. Note that you are unable to claim for fees that accrue after the date of liquidation/receivership/administration. storage contract OR does not respond to your letter asking them to claim or disclaim the contract, the fees from that date accrue against the liquidation/ receivership/administration. You should address your bill in their name, and not the Storer. - Team Chermside • If the liquidation/receivership/ administration elects to claim the

Receiver’s right to remove goods

• The receiver is entitled by law to remove the goods. You do not need authorisation from the Storer. At the time of appointment, all of the Storer’s goods vest with the receiver.

Identifying an Insolvent Company

• A Storer who is a company may go into receivership, voluntary

Property Development Pipeline Upgrades, Expansions and New Development Camperdown

Chatswood Stage 1 is on track for completion during December 2008. We will have a formal opening on 5 January 2009 for the first stage of 350 units with stage 2 opening in March 2009 The Team out the front of Chatswood’s Office L to R - Orhan Guzel, Brett Leary, Lynda Walsh, HK Tung, Jim Kennard and Matthew Lees

The first stage of extending Camperdown is complete and ready for customers to move in. We now have 24hour access to Level 3 & 4 only with an additional 350 units.

Camperdown’s new fully enclosed loading bay

-Michael Macheledt

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Kennards Kourier February 2009