Legal Advice - QBCC Deed of Covenant & Assurance
Queensland Legal offers legal advice for QBCC Licensee directors and shareholders who need to provide a Deed of Covenant and Assurance.
This service, essential for meeting QBCC’s minimum financial requirements is available Queensland-wide and provided entirely remotely form the comfort of your home, office or even whilst on site.
The Benefits
Fixed price service for the provision of the legal advice, completing the Solicitor’s statement, and producing the deed required to be signed by you.
Online Meetings
We hold our meetings by videoconference for your convenience (and ours).
Fast Turnaround
We can usually process your booking quickly and organise our meeting within 1-2 days.
Fixed Fee (Per Person)
QBCC
Covenantor-
Inc GST
What is required to be produced to the QBCC
MFR Report
A Minimum Financial Requirements Report, or MFR, is prepared by your Accountant and essentially calculates (using the QBCC’s guidelines and policies) what the financial position of the Licensee Company is.
It will reveal is the Company meets, or does not meet, the financial requirements by itself.
Covenantor's Statement of Financial Position
This is prepared by your Accountant when the Licensee Company does not meet the minimum financial requirements by itself.
It will reveal that the proposed Covenantor (usually a director or shareholder) does have the financial means to offer a Deed of Covenant & Assurance to the QBCC.
Deed of Covenant & Assurance
This is a standard proforma deed produced by the QBCC and provides the terms upon which the proposed Covenantor will offer the Licensee Company financial backing (up to the ‘Defined Amount’).
The Defined Amount is the dollar amount offered by the Covenantor to pay in the event the Licensee Company fails and is wound up.
Where to find more information...
Queensland Building & Construction Commission
The QBCC is the regulatory body that deals with and holds the Deed of Covenant & Assurance. You can find much more information on requirements they require Licensee's to meet with respect to finances, and in particular the Deed of Covenant & Assurance on their website.