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ARTICLE · 05 MAY 2020

Do not get caught out - BIF Act update – Potential impacts on financiers and developers

McCullough Robertson
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Building Industry Fairness (SOP) Amendment Bill introduces charges over property. What you need to know & do.

AustraliaReal Estate and Construction
Michael Rochester
Michael Rochester
Strati Pantges
Strati Pantges
Joseph Jones
Joseph Jones
Zoe Hinchliffe
Zoe Hinchliffe
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Building Industry Fairness (Security of Payment) Amendment Bill 2020
Focus: Charges over property

WHO SHOULD READ THIS

  • Any private sector principal (particularly property developers), financiers, contractors or subcontractors involved with construction work in Queensland.

WHAT YOU NEED TO KNOW

  • The Building Industry Fairness (Security of Payment) and Other Legislation Amendment Bill 2020 (Bill) will introduce a statutory charge over land that may be imposed by a contractor in the event of non-payment.
  • The Bill also introduces a charge over property if a respondent does not pay an adjudication amount, to the value of the adjudicated amount.
  • Further, the Bill would allow a respondent to lodge a payment withholding request against a 'higher party' (which may include financiers).

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