Conditions imposed for licensees for failure to open their books | Queensland Building and Construction Commission

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The Queensland Building and Construction Commission (QBCC) has given the companies a deadline of 6 March 2023 to lodge their reports or face the prospect of licence suspension.

QBCC Commissioner Anissa Levy says the licensees are in financial categories 1-7, with category 1 having a maximum revenue amount of $800,001 right up to category 7 with a maximum revenue amount of over $240m.

“The licensees were contacted by the QBCC several times but failed to submit the required information to us by the annual deadline of 31 December 2022,” Ms Levy says.

“While the majority of these licensees have already submitted their reports, there are at least 538 who have not.”

The conditions imposed on these licensees prevent them from entering into any new contracts for building work until they have provided the required financial information to the QBCC.

“We take this action because companies could under-report their annual turnover and escape the scrutiny that comes with us properly assessing their financial viability.

“Licensees who do not submit their reports to the QBCC face potential regulatory action, such as no-new-work conditions, licence suspensions, and licence cancellations.

“The minimum financial requirements and mandatory reporting laws enable us to more easily detect when a licensed company might be in trouble financially,” Ms Levy says.

The conditions imposed on these licensees represent 4.8% of licensed companies in Category 1-7 that were due to report their financials by 31 December 2022.

Last reviewed: 20 Feb 2023 Last published: 20 Feb 2023
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