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Advising on market-changing divestments September 25, 2018

Maddocks  acted for the founder of Australia’s largest private pilot training school, Soar Aviation, on the group’s 50 percent sale to Australian private equity investor The Growth Fund. Soar Aviation was started in 2012 by … Continued

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Strong signals: Maddocks advises on television broadcast services outsourcing October 10, 2018

Wednesday 10 October 2018 Maddocks has advised NPC Media on its deal to provide playout services for Southern Cross Austereo’s 105 television broadcast signals through NPC Media’s new playout centre. NPC Media is a joint … Continued

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When being natural can be misleading: recent consideration of organic product claims October 15, 2018

Recent decisions by the Australian Competition and Consumer Commission and the Federal Court of Appeal have demonstrated that it can be a fine line between branding and product claims: with a wrong step amounting to … Continued

Cladding Rectification Agreements: What does it mean for councils?

Last week the Victorian Government introduced into Parliament the Building Amendment (Registration of Trades and other matters) Bill 2018. As part of the reforms, the Local Government Act 1989 will be amended to create Cladding Rectification Agreements.

Upon recommendation by the Victorian Cladding Taskforce, the Andrews Government has introduced into parliament last week as part of the Building Amendment (Registration of Trades and other matters) Bill 2018, a mechanism to reduce the cost of removing dangerous combustible cladding in Victorian residential buildings.

The mechanism, known as Cladding Rectification Agreements (CRAs), will be an agreement between owners (or owners corporations), lenders and local councils whereby owners are provided a long-term, low-interest loan to pay for the building work required to rectify the combustible cladding.

Under the CRA, the owners will pay the funds back through their council rates over a minimum period of 10 years with the CRA transferred to any subsequent purchaser of the property if it was sold during that period.

Similarly to the existing Environmental Upgrade Agreement, Councils are likely to play a role in the administration of CRAs and therefore will need to establish robust policies and procedures for these agreements.

The Bill is expected to be released to the public on Tuesday 7 August 2018.

Details of how the new regime will work will only be clear once the Bill is released, at which time we will update you once again.

If you would like more information about the impact CRAs will have on your municipality, contact Maddocks on (03) 9258 3555 and ask to speak to a member of the Construction and Projects team.

Click here to read more about what the new CRAs mean for developers and builders.

 Author
Branevan Shankumar | Lawyer
T +61 3 9258 3692
E branevan.shankumar@maddocks.com.au

Last week the Victorian Government introduced into Parliament the Building Amendment (Registration of Trades and other matters) Bill 2018. As part of the reforms, the Local Government Act 1989 will be amended to create Cladding Rectification Agreements.

Upon recommendation by the Victorian Cladding Taskforce, the Andrews Government has introduced into parliament last week as part of the Building Amendment (Registration of Trades and other matters) Bill 2018, a mechanism to reduce the cost of removing dangerous combustible cladding in Victorian residential buildings.

The mechanism, known as Cladding Rectification Agreements (CRAs), will be an agreement between owners (or owners corporations), lenders and local councils whereby owners are provided a long-term, low-interest loan to pay for the building work required to rectify the combustible cladding.

Under the CRA, the owners will pay the funds back through their council rates over a minimum period of 10 years with the CRA transferred to any subsequent purchaser of the property if it was sold during that period.

Similarly to the existing Environmental Upgrade Agreement, Councils are likely to play a role in the administration of CRAs and therefore will need to establish robust policies and procedures for these agreements.

The Bill is expected to be released to the public on Tuesday 7 August 2018.

Details of how the new regime will work will only be clear once the Bill is released, at which time we will update you once again.

If you would like more information about the impact CRAs will have on your municipality, contact Maddocks on (03) 9258 3555 and ask to speak to a member of the Construction and Projects team.

Click here to read more about what the new CRAs mean for developers and builders.

 Author
Branevan Shankumar | Lawyer
T +61 3 9258 3692
E branevan.shankumar@maddocks.com.au