The Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIFSOP Act) has been amended again. The amendments are wide-reaching and will affect all industry participants.
The key changes to the BIFSOP Act are as follows:
- Project Bank Accounts are now Project Trust Accounts, with new compliance obligations and penalties. However, full implementation of the regime industry-wide has been delayed again. The Queensland Government has indicated a revised stage roll out with full implementation to all eligible building contracts valued at $1 million or more being pushed out until 1 January 2023.
- Security of payment reforms, including:
These reforms were set to commence on 1 July 2020. However, this has been changed to a date to be fixed by proclamation due to COVID-19.
- Licensing reforms, including:
If you have a query about these changes or any aspect of the BIFSOP Act, make the expert move and speak to the team at Axia Litigation Lawyers today – because Every Move Matters!
Contact Axia Litigation Lawyers direct and speak with an expert today.
Axia Litigation Lawyers are experts in dispute resolution and litigation.
Contact us today to understand how you can effectively and efficiently reach a resolution in your matter.
The team at Axia Litigation were first class, when guiding us through two consecutive legal matters. We received regular communication, with each of the legal steps explained in full.
I found Jennifer and the team at Axia extremely thorough and knowledgeable with my recent copyright case. I only wish other legal firms acted with such integrity. We will definitely engage their services if required in the future.
Thank you for your outstanding help & I couldn't be happier with the help AXIA have given me.
After multiple attempts at trying to find reliable counsel in Australia to act on an advisory basis to our firm, we found ourselves feeling reassured and feel as though we have gained a solid ally with Axia Litigation.
Adam and staff have been very helpful throughout the whole process. Very happy with the service and final outcome.
Axia were competent, diligent and excellent to work with.
Axia Lawyers are an excellent litigation firm that handle cases in a professional manner and pay attention to details. The customer service was outstanding, I would highly recommend this firm.
After my initial consultation with Axia Litigation Lawyers, I felt the tension and stress fall away. They were both compassionate and understanding of my case and were diligent and thorough in their work ethic.
We have used Axia Legal on two occasions over the last three years with great success and I am happy to recommend Adam Brown from Axia Legal
I have no hesitation in recommending them. They were always very informative and answered all of my questions and always kept me in the loop and well informed of my progress.