Reporting Unilateral Defered Payment (UDP)
From Ken Shirley - CEO of RTFNZ
Last week RTF had a very positive meeting with the Minister for Small Business, Stuart Nash, and the Minister of Commerce, Kris Faafoi, regarding the insidious practice of UDP that is impacting on parts of our industry.
rs expressed a high degree of willingness to address the issue and have instructed their officials to put together proposals for how the Government can best address it. RTF has provided the ministers and officials with the legal advice we obtained last year that sets out how the problem can be addressed through a simple amendment of the Fair Trading Act. We continue to urge the Government to adopt this approach.
Both ministers are also keen to get to the bottom of just how big the problem is and have indicated a desire to ‘name and shame’ companies that are using deferred payments of 60/90/120 days.
To assist with the Government’s efforts to stamp out this unfair commercial practice we have undertaken to provide the two ministers with further examples of where it is taking place. While RTF knows of a couple of glaring examples in our industry it has been indicated to us that there are many more. We are therefore requesting members contact us to report organisations that they know of who use UDP so that we can pass those on to Ministers, who can use the information to build the strongest possible case for the legislative change necessary to deal with it.
All referrals will be passed on anonymously. Please send reports through to email@example.com