Who Pays When Set-off Trumps Security of Payment?
By craigryan on July 17, 2020
Posted In: Building and Construction Law Journal (BCL) Tagged: aged pension building and construction industry building and construction industry insolvencies building industry insolvencies business bankruptcies and insolvencies claimants who are in liquidation claims made under security of payment legislation claims under security of payment laws commercial dynamics contractors becoming insolvent contractual chains COVID-19 deficiency of assets to pay creditors delay payment Dr Matthew Bell employees entitlement to set-off external administration lodgements Façade Treatment Engineering Pty Ltd (in liq) v Brookfield Multiplex Constructions Pty Ltd (2016) 313 FLR 163; (2017) 33 BCL 127; [2016] VSCA 247 Fair Entitlements Guarantee Act 2012 (Cth) freedom to contract ills of non-payment in the construction industry injustice insolvent claimant company liquidation maintaining the right to set-off prevention of insolvencies prioritising set-offs Professor Helen Anderson prompt payment risk of insolvencies s 553C of the Corporations Act 2001 (Cth) security of payment claimants Security of payment laws State and Territory security of payment legislation subcontractor insolvency suppliers and lenders taxation authorities timely payment unmet employee entitlements unpaid superannuation unpaid taxes and charges upsurge in insolvencies