NOVEMBER UPDATE
Increased vigilance required in uncertain times
‘Uncertainty’ and talk of ‘crisis’ pervades the air.
Inflation remains stubbornly high meaning high interest rates and increased costs of living. Elections in the US and an upcoming Australian federal election stymie reforms and makes it difficult for governments to respond. Geopolitical tensions and a number of regional wars risk global instability. It is little surprise that rates of insolvencies are rising.
Our construction clients are working on ever-thinning margins and the need to recover every progress claim. Our commercial and insolvency team are seeing an up-tick in work with an increasing number of instructions being received from distressed lenders and insolvency practitioners. In the property space we are seeing a large number of developers finding it hard to secure sites or obtain refinance for their projects.
Despite the uncertainty and potential for crisis I am reminded that in Mandarin the two Chinese characters that make up the word CRISIS are – risk and opportunity.
Vincent Young offers its clients certainty and opportunity when others often only see risk.
David Greenberg, Partner Commercial
VY ANNUAL CLIENT LUNCHEON
Quay Restaurant
Thank you to all of our clients and colleagues who attended our Vincent Young Annual Client Luncheon at Quay Restaurant on Friday.
It was an excellent event, and a privilege to have 100 of the industry’s most influential people in the room.
Thank you also to Stephen Walters, Chief Economist from the Business Council of Australia for his insights.
We have some great photos from the event we’d like to share (and feel free to download any shots you like).
NEW PARTNER
Simon Mok
We’re excited to announce that Simon Mok is being promoted to partner at Vincent Young from 1 January 2025. Congratulations to Simon on his hard work.
CONSTRUCTION
Strata Building Bond Increase Delayed to 1 July 2025
Strata Schemes Management Amendment (Strata Bond) Regulation 2024 (NSW)
The increase to the strata building bond from 2% to 3% has been delayed for the fourth time. This article recaps what is a strata building bond, explains when it will not take force and why the delay has occurred.
COMMERCIAL & INSOLVENCY
Liquidator failing to Syfon back third-party payments
In the case of In the matter of Pacific Plumbing Group Pty Limited (in liquidation) [2024] NSWSC 525, the Supreme Court of New South Wales provided helpful insight into what constitutes an unfair preference payment in the context of third party payments. This case serves as a reminder that, in the absence of clear-cut evidence, liquidators should be cautious in bringing unfair preference claims under section 588FA of the Corporations Act 2001 (Cth).
PROPERTY & PROJECTS
Upcoming mandatory disclosure regime in Queensland land contracts
From 1 August 2025, a seller of land in Queensland must comply with the pre-contract disclosure regime, unless an exemption applies.
This is a significant change arising out of the Property Law Act 2023 (Qld) (Act) which received royal assent on 2 November 2023 but was only proclaimed to commence on 1 August 2025, and the Property Law Regulation 2024 (Qld) (Regulation) which will also commence on 1 August 2025.
THE GROUNDSWELL FOUNDATION
Vincent Young sponsors Gala Ball
Vincent Young is proud to have sponsored the inaugural Groundswell Foundation Gala Ball, which has been established to address the growing issue of loneliness and its impact on mental health in Australia.
Our team had the pleasure to join some of the biggest leaders in Australia to raise much needed funds to make an impact on loneliness in Australia
This evening was the culmination of three years of hard work for the Groundswell Foundation and we were pleased to take part.