• The Qld Building Industry Fairness (Security of Payment) Act (“BIF”) was recently passed

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.