Change of business ownership

If the buyer/new owner wants to take over the equipment you’ve been renting or leasing from us, please call us on 1800 337 153.

We’ll ask you to confirm which of your equipment is being transferred to the buyer/new owner and ask you for authorization to discuss the equipment with them.

We’ll then contact the buyer/new owner to discuss the equipment, explain how our finance products work, the funding-application process, and answer any questions they have.

Yes — you can purchase or return some of the equipment and transfer the rest to the buyer/new owner (with their consent).

Please note that you can return only rental equipment (not lease equipment) and only if your 12-month Rent–Try–Buy or Loyalty agreement has expired.

You’ll need to give us four weeks’ notice of your intention to return the equipment.

You’ll also be required to cover the cost of transporting the equipment back to us and for us to clean and service the equipment so that it can be certified and remarketed.

If your business is insolvent — unable to pay its debts when they’re due — and is being liquidated or is under voluntary administration or receivership, please contact us to discuss your options.   

The amount of time it takes to transfer an equipment rental or lease agreement is largely dependent on how quickly the buyer/new owner of the business is able to:

1. Secure SilverChef funding approval.
2. Sign a rental or lease agreement.
3. Pay the relevant upfront costs.
4. Start paying their weekly rent or monthly lease payments (at which point the transfer takes effect, ending your agreement with SilverChef).

You can either transfer the security bond to the new owner (perhaps as part of the sale of the business) or have it refunded to you— minus any amounts still owing, e.g. a missed rental payment.

If you opt for a refund, you’ll receive it within 2–4 weeks.

Yes — if you change the structure of your business, for example from a sole trader or partnership to a company or trust, we require you to transfer the rental or lease agreement you have with us to the new entity.

That means you’ll need to apply for funding, get approved, sign the new agreement, and pay the upfront costs (if it’s a Rent–Try–Buy agreement, you’ll need to pay the first week’s rent in advance, however you can transfer your security bond from the old agreement to the new one).

For more information, please contact us.

Before you can take over the equipment rental or lease agreement we had with the seller/previous owner of the business, we need you to apply for funding so we can assess your creditworthiness.

This assessment will help us understand your reputation for paying on time and your capacity to continue to do so.

Though you’ll be applying for funding, there’s no obligation for you to use that funding if your application is approved.

The application is less about you securing funding, and more about us determining your suitability to take over the equipment rental or lease agreement.

Yes —  if you’re a start-up or have no trading history, you can take over a SilverChef equipment rental or lease agreement, subject to you meeting our standard credit-assessment criteria.

SilverChef owns the equipment and rents or leases it to you.

As the owner of the equipment, we’ll record an interest in the equipment on the Personal Property Security Register (PPSR).

You can use the equipment as you see fit, provided it’s used only for business (not personal/domestic) purposes; and you don’t sell, give, assign, lend or release the equipment to a third party to use without our approval.

Also, if you move the equipment from the location you originally gave us, you must tell us immediately.

If you’re renting the equipment, you can buy it (own it) at any time. If you’re leasing the equipment, you’ll own it when you make your final lease payment.

The amount of time it takes to transfer the equipment rental or lease agreement to you is largely dependent on how quickly you’re able to:

1. Secure SilverChef funding approval.
2. Sign the rental or lease agreement.
3. Pay the relevant upfront costs.
4. Start paying the weekly rent or monthly lease payments (at which point the takeover comes into force, ending our agreement with the seller/previous owner).

Yes — if a Rent–Try–Buy agreement is transferred to you, you can use the rental equipment for the remainder of the agreement and are entitled to all the same benefits the seller/previous owner enjoyed.

For example, you can exercise all the agreement’s mid- and end-of-term options, including upgrading or buying the equipment at any time or, after 12 months, returning it or continuing to rent it.

If you buy the equipment, you’ll get back 75% of the net rental payments you and the original renter made in the first 52 weeks and 25% of any net rental payments you and the original renter made in week 53 onwards — to put towards the equipment’s purchase price.

For more information about benefits, visit our Rent–Try–Buy web page.

If you take over a rental agreement, you’ll need to pay one week’s rent in advance plus a refundable security bond (equivalent to six weeks’ rent).

If you take over a lease agreement, you’ll be required to pay one month’s lease payment in advance.