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News headlines out in recent weeks announced yet another property development business collapsing that has left contractors and suppliers at risk of losing over $3.5 million.

The developer, Sanctum Projects, has offered up a compromise proposal to stave off liquidation, telling suppliers to ‘Take 15c in the dollar or get nothing’. Director, Aron Ghee, allegedly has a history of shifting assets between his companies to avoid being used to repay creditors.

Sadly, these contractors and suppliers could have potentially avoided the risk by simply running a credit report on Sanctum Projects prior to accepting any work. It may have changed their appetite to work for this person.

You can generate credit reports for your prospective customers in the EC Credit Control Web Portal and registering is easy.

Sign up for our web portal if you haven’t already done so. Follow the prompts under the “Credit reports” tab to register for a Centrix account. Once your registration has been accepted (within 24 hours) you can begin to generate credit reports.

There are four kinds of reports you can generate in the portal. A consumer credit report (which requires an explicit consent), a commercial credit report, a commercial credit report including DSO (DSO or days sales outstanding, indicates average number of days it takes for a company to pay their outstandings over the last 3 months) and commercial directorship report (also requires explicit consent). The fees for the different reports are outlined in the portal.

The reports provide a holistic view of a consumer or businesses creditworthiness including aspects like defaults and judgements, insolvencies, affiliations and an overall credit score.

Credit score

Businesses will typically decide the credit score level at which they are comfortable to offer credit to prospective clients or offer alternative arrangements such as pre-payment or cash up front.

While this may come as little comfort for the businesses currently owed money from Sanctum Projects, you can make informed decisions now for your future clients and potentially avoid being put in the same position.

You can register for access to our portal for free below, or login if you are already a client.

Need more info?

Call us on 0800 324 768 or send us an enquiry below and we will get in touch to discuss your situation.