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BICB Recorded Applications for Wind Up – January, 2019

Since last reported, (in last month’s newsletter), we have recorded 35 Applications for Wind-up. The ATO are listed as the Applicant in 54% of these listings. Company Applicant State Hearing Date Tierra Built Pty Ltd Eaton & Sons Pty Ltd NSW 30/01/2019 Adant Services Group Pty Ltd Powerark Solar Pty Ltd VIC 30/01/2019 Lxora Construction …

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Are unresolved A/R disputes taking a toll on your company’s bottom line?

Have you ever calculated your costs for resolving receivable disputes? If you have, you’ve probably discovered that the process is quite expensive. Here’s why. A misstep in any department involved in a sale can result in a discrepancy that delays payment and drives up costs. Disputes, discrepancies and exceptions are “nonstandard” transactions that require additional …

Are unresolved A/R disputes taking a toll on your company’s bottom line? Read More…

The right to be wrong – the ability to review Adjudicators’ determinations

Under tight time pressures to decide often complex matters, Adjudicators appointed to determine an adjudication application under Security of Payment legislation may make mistakes.  When the Adjudicator makes an error of law, are the parties to the determination able to have it set aside? This was the question confronted by the High Court in two …

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Minority creditor terminates director friendly voluntary administration

After pursuing a long and hard fought Supreme Court claim, our client obtained judgment for an amount of $1.64 million.  Shortly thereafter, the defendant company was placed into voluntary administration by its director. The judgement itself is a landmark decision in Australia for the general proposition that the views of unrelated creditors, in these circumstances, …

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Ipso facto Insolvency Reforms

The Drive to Promote More Innovation and Entrepreneurship It’s been well published in recent years that the Australian Government has considered various measures to promote and support the success of business start-ups in Australia. A large percentage of small to medium sized enterprises collapse within the first three years of commencement for various reasons, ranging …

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A New “Fairer” Way In Queensland – Building Industry Fairness (Security Of Payment) Act – Nov 2017

On 10 November 2017, the new Building Industry Fairness (Security of Payment) Bill 2017 (Qld) was assented to by the Parliament.  This will see the introduction of Project Bank Accounts, and the repealing and replacement of the Building and Construction Industry Payments Act 2004 (Qld) (‘BCIP Act’) and Subcontractors’ Charges Act 1974 (Qld). Although payment …

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QLD – The Building Industry Fairness (Security of Payment) Bill 2017 was introduced to Parliament on Tuesday 22 August

On 22 August 2017, the Queensland government introduced the Building Industry Fairness (Security of Payment) Bill2017 (the Bill). The Bill contains the most controversial, radical and wide-reaching amendments to legislation governing the building and construction industry since the initial introduction of the Building and Construction Industry Payments Act 2004 (BCIPA) in 2004. The maximum penalties …

QLD – The Building Industry Fairness (Security of Payment) Bill 2017 was introduced to Parliament on Tuesday 22 August Read More…

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