Business, Restructuring & Insolvency Insights
Practical insights, analysis and updates from WCT Advisory's experienced financial advisory, restructuring and insolvency specialists.
Explore our latest thinking on business financial distress, restructuring, insolvency, corporate finance, taxation, business valuations, director obligations and emerging issues affecting Australian businesses.
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Building & Construction – The new normal
The QBCC announced on 8 February 2021 that as a result of the annual reporting and MFR process, their compliance action in December 2020 and January 2021 resulted in 12 licenses suspended or terminated and over 60 licenses suspended. We expect the QBCC will adopt a more hard-line approach in 2021 to MFR requirements so all license holders need to be certain they can provide the required information as part of submitting their annual financial reports and meet the MFR.
There were other changes, which commenced on 1 October 2020 aimed at improving contractors’ ability to recover outstanding payments.
New QBCC Act Reforms
Further reforms to the Queensland Building and Construction Commission Act 1991 and other associated Acts came into effect on 1 October 2020 with one of the key aspects directlying affect those Accountants assisting licensees with Minimum Financial Requirements reporting.