Regulator puts 103 builders on notice
MORE than 100 local and national companies which hold the highest value building licence in Queensland have been given three weeks to explain why they failed to lodge mandatory annual financial reports, or risk a ban from taking on new work.
The state's building regulator today said it was issuing show-cause notices to at least 103 licensees under the new mandatory financial reporting regime that took effect this year.
The Queensland Building and Construction Commission has given the companies - which each have a maximum allowable revenue of over $30 million a year - a deadline of 26 April to lodge their reports or face the prospect of licence suspension.
QBCC Commissioner Brett Bassett said licensees in categories 4 to 7 were required to submit their financial reports to the QBCC by the end of March.
"While the majority of these licensees have already submitted their reports, there are more than 100 which haven't," Mr Bassett said.
"It's unclear why these licensees have failed to provide the reports - all they have to do is send us their financial reports from last financial year.
"We're not asking them to reinvent the wheel."
During the show-cause period, the companies are given the opportunity to provide reasons why they haven't provided their financials, as required under Queensland law, and this will be the last chance to lodge the documents.
If conditions are imposed, licensees may be prohibited from entering into any new building work contracts and also risk further action, including fines and licence cancellations.