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International Restructuring Newswire
Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Global | Publication | July 2016
The New South Wales Government has announced that the reforms to strata law will come into effect from November 30, 2016.
The reforms are a culmination of public consultation over the past 5 years and comprise approximately 90 key amendments to existing strata law. These reforms have manifested themselves in the Strata Schemes (Management) Act 2015 (NSW) and the Strata Schemes (Development) Act 2015 (NSW).
We have previously prepared two articles setting out a high level review of these reforms which can be found at:
We set out in this article a brief overview of some of the likely impacts these amendments will have on Owners Corporations and property rights for lot owners.
Although November 30, 2016 is the key date, enforcement of the building defects bond scheme (including mandatory defect inspection reports and lodgement of building bonds) has been delayed until July 1, 2017. As new Australian Standards for inspections of group title buildings will be finalised by then, the NSW Government has decided to provide industry and other stakeholders with additional time to adequately prepare.
Given current estimates by the NSW State Government that 50 per cent of the NSW population will either be living or working in strata properties, understanding these reforms is crucial for both developers and investors to capitalise on opportunities both now and in the future.
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Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
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On 16 April 2024, the Hon Tanya Plibersek MP, the Minister for the Environment and Water (the Minister) announced progress on the package of reforms to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act).
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The DOJ Criminal Division’s Pilot Program on Voluntary Self-Disclosure for Individuals aims to encourage individuals with potential criminal exposure to voluntarily disclose corporate criminal conduct in exchange for discretionary grants of immunity.
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