By Patrick Avenell
In response to industry speculation regarding the hold Retravision Southern (RVS) administrator KordaMentha has on members looking to switch groups, the company has provided Current.com.au with an overview of the process.
In a statement to Current.com.au, KordaMentha has provided the following guide for Retravision members to depart the group:
In relation to stores wishing to exit, the procedure is as follows:
- Obtain the current balance of your account from the RVS finance team.
- Payment in full of the balance as notified (this will include any recent Special Warehouse stock orders net of payments received), will be accepted as full and final settlement of a store’s account with RVS; without any deductions, including any deductions for claims or rebate ledgers.
- A Deed of Release will be prepared and executed and issued to the store for counter-signing and return.
- All claims and rebate ledgers will be cancelled and no further claim can be made for these amounts.
- Securities held by RVS will then be released.
- Priority will be granted to stores who deal with their accounts on this basis in exiting the network.
The above process can be completed within 24 hours.
The major sticking point for members, according to Retravision sources, is the cancellation of rebates. We asked KordaMentha for an explanation of this clause, and we received the following response:
“Those stores proposing to deduct any amounts from the final payment including in relation to claims and rebate ledgers are advised [that] each deduction they are seeking is considered a disputed amount until such time as RVS has been provided with confirmation from the supplier as to the validity of the claim or the supplier has remitted the rebate to RVS.
“Consequently, they are not automatically entitled to deduct these amounts from their final payment. We understand not all suppliers are processing claims or crediting accounts for rebates.
“Therefore, the onus is on stores to provide to RVS satisfactory evidence supporting their claims and rebates, which will be assessed on an individual claim-by-claim basis.”