Newsflash: Senate has announced Inquiry into insolvency in the Building and Construction Industry
On 4 December 2014, the Senate announced an Inquiry into insolvency in the Australian Construction Industry.
The Inquiry will be conducted by the Senate Economic Reference Committee and the terms of reference include a review of the following:
- The cause of insolvency in the construction industry;
- The amount of money lost by secured and unsecured creditors in the construction industry;
- The economic and social effects of insolvency in the construction industry;
- A review of ‘phoenix’ companies in the industry and the adequacy of legal and regulatory protection against ‘phoenix’ companies;
- A review of the current legal and regulatory framework to protect against insolvency in the construction industry.
The complete terms of reference for the Inquiry can be viewed here:
Submissions to the Inquiry must be made by 17 April 2015.
The Inquiry is scheduled to deliver its report by 11 November 2015.
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