Major Projects & Construction 5 Minute Fix 118: Parliamentary Joint Committee comments on insolvency in the construction industry and security of payment reforms

The Commonwealth Parliamentary Joint Committee on Corporations and Financial Services Corporate insolvency in Australia was released on 12 July 2023.

The Report states that the construction industry is experiencing one of the highest rates of insolvencies compared to other sectors. The Report cited ASIC data which shows that the number of companies entering external administration has increased relative to the same month in the previous two financial years, with the construction industry being the most highly represented.

Filed under:
Australia, Construction, Insolvency & Restructuring, Clayton Utz, Australian Securities and Investments Commission
Authors:
Graham Read , Frank Bannon , Dale Brackin , Sergio Capelli , Alison Close , Stuart Cosgriff , Lina Fischer , Andrew Fry , James Kendal , David Lester , Clive Luck , Jonathan McTigue , Margaret Michaels , Frazer Moss , Steven Murray , Steve O'Reilly , Gavin Phillips , Joanna Pugsley , Chris Slocombe , Mark Spain , Natalie Speranza , Joanne Teagle , Greg Midgley
Location:
Australia
Firm:
Clayton Utz
Major Projects & Construction 5 Minute Fix 112: Hopelessly insolvent? There is hope

In Kennedy Civil Contracting Pty Ltd (Administrators Appointed) v Richard Crookes Constructing Pty Ltd v Richard Crookes Construction Pty Ltd; In the matter of Kennedy Civil Contracting Pty Ltd [2023] NSWSC 99, the NSW Supreme Court considered whether a company on the brink of liquidation can take action to enforce a payment claim under the Building and Construction Industry Security of Payment Act 1999 (NSW) (SOP Act).

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Insolvency, New South Wales Supreme Court
Authors:
Graham Read , Frank Bannon , Dale Brackin , Sergio Capelli , Alison Close , Stuart Cosgriff , Lina Fischer , Andrew Fry , James Kendal , Andrew Leece , David Lester , Clive Luck , Jonathan McTigue , Margaret Michaels , Frazer Moss , Steve O'Reilly , Gavin Phillips , Joanna Pugsley , Chris Slocombe , Mark Spain , Natalie Speranza , Joanne Teagle
Location:
Australia
Firm:
Clayton Utz
Major Projects & Construction 5 Minute Fix 118: Parliamentary Joint Committee comments on insolvency in the construction industry and security of payment reforms

The Commonwealth Parliamentary Joint Committee on Corporations and Financial Services Corporate insolvency in Australia was released on 12 July 2023.

The Report states that the construction industry is experiencing one of the highest rates of insolvencies compared to other sectors. The Report cited ASIC data which shows that the number of companies entering external administration has increased relative to the same month in the previous two financial years, with the construction industry being the most highly represented.

Filed under:
Australia, Construction, Insolvency & Restructuring, Clayton Utz, Australian Securities and Investments Commission
Authors:
Graham Read , Frank Bannon , Dale Brackin , Sergio Capelli , Alison Close , Stuart Cosgriff , Lina Fischer , Andrew Fry , James Kendal , David Lester , Clive Luck , Jonathan McTigue , Margaret Michaels , Frazer Moss , Steven Murray , Steve O'Reilly , Gavin Phillips , Joanna Pugsley , Chris Slocombe , Mark Spain , Natalie Speranza , Joanne Teagle
Location:
Australia
Firm:
Clayton Utz