Yesterday, the Queensland Government introduced into Parliament the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Bill 2020 (the Bill). If passed, the Bill will amend the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act) by: replacing project bank accounts with project trusts and retention trusts; introducing new provisions and protections … Continue reading Project bank accounts replaced with ‘statutory trusts’ and other major legislative changes in the pipeline for Queensland’s construction industry