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Events such as the 2019 Australian bushfires & the global COVID pandemic have highlighted how pivotal it is for Not For Profit (NFPs) organisations to improve their governance processes and diversify their funding sources, both of which have a material impact on the ultimate success of the NFP.
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In a bid to support the Australian economy and business during the pandemic, the new Coronavirus Economic Response Package Omnibus Act restricted the ways that creditors could recover their debts. These COVID-driven debtor relief measures have now expired.
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From 1 March 2021, as part of a significant reform for the residential construction industry, NSW residential builders will be able to utilise the Building & Construction Industry Security of Payment Act 1999 (NSW) ('the SOP Act') to obtain outstanding payments from owners.