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Providing strategic advice on expansion structures November 16, 2018

Founded in Bondi Beach in 2012, Bailey Nelson has rapidly grown into a global eyewear retailer and service provider with boutiques in Australia, London, Canada and New Zealand. The strong demand for their products and … Continued

Latest News

Maddocks announces two new partners in latest round of promotions June 25, 2019

Tuesday 25 June 2019 Jessica Reid and Katherine Armytage will be promoted to the Maddocks partnership on 1 July. Jessica is a special counsel in the firm’s Consumer Markets & Franchising team in Melbourne. She has … Continued

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NSW Minister has confirmed the NSW Modern Slavery Act is under review and could be canned June 25, 2019

The confusion and uncertainty surrounding the NSW Modern Slavery Act looks set to be clarified with the relevant NSW Minister referring the NSW legislation to the Standing Committee on Social Issues for review.  We have … Continued

Cladding Rectification Agreements: What does it mean for developers and builders?

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

Upon recommendation by the Victorian Cladding Taskforce, the Andrews Government has introduced into parliament today 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.

Developers and builders should be aware that these changes do not affect their liability.

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, contact Maddocks on (03) 9258 3555 and ask to speak to a member of the Construction and Projects team.

Click here to read our article about what the CRAs mean for councils.

 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 proposed changes, the Local Government Act 1989 will be amended to establish Cladding Rectification Agreements.

Upon recommendation by the Victorian Cladding Taskforce, the Andrews Government has introduced into parliament today 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.

Developers and builders should be aware that these changes do not affect their liability.

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, contact Maddocks on (03) 9258 3555 and ask to speak to a member of the Construction and Projects team.

Click here to read our article about what the CRAs mean for councils.

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