Queensland Consolidated Regulations

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION (MINIMUM FINANCIAL REQUIREMENTS) REGULATION 2018 - REG 16

16 Working out a licensee’s liabilities

(1) A licensee’s liabilities include—

(a) an amount owing by the licensee to a related entity; and

(b) the amount of a deficiency in trust assets of a trust for which the licensee is a trustee; and

(c) the full amount of a loan for which the licensee is in default if the lender has not waived its rights in relation to the default.

(2) The trust assets of a trust mentioned in subsection (1) (b) must be worked out under this division as if—

(a) a reference to net tangible assets were a reference to trust assets; and

(b) a reference to a licensee were a reference to the trustee of the trust.