EXPERT INSIGHTS
The Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIFSOP Act) has been amended again. The amendments are wide-reaching and will affect all industry participants. The key changes to the BIFSOP Act are as follows: – Project Bank Accounts are now Project Trust Accounts, with new compliance obligations and penalties. However, full implementation of the regime
Does the carrying out of rectification work reset the 6 year and 6 month time limit for issuing a direction to rectify? This is the question that the Queensland Civil and Administrative Tribunal (QCAT) recently considered. The answer is No. The facts of the case are as follows: Practical Completion was achieved in 2009; The
Directors have been given a temporary reprieve from the risk of personal liability for their companies’ insolvent trading due to temporary amendments to insolvency laws because of COVID-19. However, this temporary relief only applies to debts incurred in the ordinary course of business between 25 March 2020 and 25 September 2020. The temporary relief is
NEW LAWS TO FIGHT PHOENIXING ACTIVITY – DIRECTORS TO GET A ‘DIRECTOR IDENTIFICATION NUMBER’ FOR LIFE
Under the current framework, ASIC does not verify the personal details of corporate officeholders. As a result, many companies are run under false names. This allows rogue company directors to deliberately avoid paying creditors by liquidating the company, transferring its assets to a new company and continue trading. The Treasury Laws Amendment (Registries Modernisation and Other