Notification of financial difficulty
34 Notification of financial difficulty
A building service contractor must give the Board written notice if the contractor is unable to meet the contractor’s financial obligations as and when they fall due.
Penalty: a fine of $10 000.
The notice referred to in subsection (1) must be given to the Board no later than 7 days after the building service contractor becomes aware that the contractor is unable to meet the financial obligations.
A registered building service provider must, no later than 7 days after becoming an insolvent, give the Board written notice of the insolvency.
Penalty: a fine of $10 000.
This Act’s bill:Explanatory memorandumSecond reading speech
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