The Qld Building Industry Fairness (Security of Payment) Act (“BIF”) was recently passed by the Qld government and has now received royal ascent.

At a high level, the major reforms affected by BIF include:

1. Introducing an obligation on head contractors on commercial projects to quarantine funds in Project Bank Accounts;
2. Modifying the obligations of contractors when dealing with claim disputes (previously covered by (‘BCIPA’));
3. Re-introducing mandatory financial reporting for building companies to the QBCC; and
4. Introducing new measures and powers to allow the government to stop corporate phoenixing.