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Hall Chadwick is one of the largest and most experienced accounting groups in Australia servicing clients in every major capital city and many regional centres in Australia.

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Hall Chadwick offers a stimulating work environment giving you the opportunity to develop your future success. After all, your success is our success. 

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At Hall Chadwick we focus on working closely with clients to achieve ongoing success in your business and growth in your private wealth. Providing a comprehensive range of accounting, audit, tax and advisory services.

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IN FOCUS: Challenges in the Building Industry Part 2

1 August 2022

Winter of Discontent and Potential Recovery Options

Following on from our recent article with respect to the building industry, there has been a series of collapses as a number of the challenges facing the industry have started to bite.

Industry participants should conduct a review of their businesses with a view to cost control. Now more than ever cash is king and this paper reviews the options available to subcontractors to secure the payments owing to them and protect their cash flow positions.

Security of payment legislation in NSW provides for the following contractor rights with respect to the collection of unpaid debts:

  • Right to a lien;
  • Right to suspend work;
  • Payment withholding requests;
  • Right to adjudication; and
  • Right to obtain court judgement.

Security of payment legislation in QLD introduces four (4) processes by which a sub-contractor can recover or secure payment of outstanding amounts. These include:

  • An adjudication process;
  • A payment withholding request;
  • Subcontractors charge process; and
  • A charge over property.

Queensland is also introducing a new trust account framework to replace the previous project bank accounts.

Please refer to the following links attached for further information with respect to the security of payment legislation in NSW and QLD along with introductions to the security of payment legislation in other jurisdictions.

If you need any advice on effective restructuring.

Please contact our national insolvency practice team.

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