The ipso facto legislation came into effect on 1 July 2018. The finalisation of the Corporations Amendment (Stay on Enforcing Certain Rights) Regulations 2018 and Corporations (Stay on Enforcing Certain Rights) Declaration 2018, published on 24 June 2018 and 28 June 2018 respectively, clarified the types of contracts and rights exempted from the operation of the stay.
From a construction industry perspective, the limited scope of the exemptions mean that many construction contracts will remain subject to the regime. However, the Regulations were further amended on 29 June 2018, broadening an exemption to contracts for the supply of essential or critical goods or services to government. The exemption also applies to the carrying out of essential or critical works for government.