Editorial | Restructuring Directive  

Editorial | CEE

Get your 5 Minute Fix of major projects and construction news. This issue: significant security of payment reform on the agenda in WA, review of the BCIIP Act tabled, Infrastructure Victoria's report on the investment required to support automated and zero emissions vehicles, more on cladding and the High Court grants special leave to consider the availability of a quantum meruit claim as an alternative to contract damages upon repudiation of a building contract.

Review of security of payment reform for WA subcontractors released

Get your 5 Minute Fix of major projects and construction news. This issue: discover the latest cladding developments; resources construction work now caught by WA training levy; mind the gap: public transport at the urban fringe; avoid slip-ups in your payment schedule; and the availability of insolvency processes under the Corporations Act 2001 for recovering SOP debts.

Cladding update ‒ NSW

Reasoning behind the changes

In the two years that the "new" bankruptcy regime – the Bankruptcy Act of September 2015 (Stečajni zakon; the "BA") – has been in place, the number of pre-bankruptcy procedures initiated in Croatia has plummeted to only 273, with 58 restructuring plans being accepted. By comparison, under the previous pre-bankruptcy regime from 2012 to 2015, 8,262 pre-bankruptcy procedures were initiated, with 2,224 restructuring plans being reached.

The recently adopted Croatian Bankruptcy Act ("SZ")[1] sets out a new integrated pre-bankruptcy and bankruptcy regime. SZ has entirely replaced the previous bankruptcy act that was in force for 18 years, as well as provisions regulating pre-bankruptcy settlement proceedings prescribed under the Act on Financial Operations and Pre-bankruptcy Settlement