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Tag : cash retentions

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  • note 20

    SEC Group demands action on “shocking” £700m cash retention losses

    News9 November, 2017

    The Specialist Engineering Contractors’ (SEC) Group has expressed concern over new research concluding that £700m in construction cash retentions has been lost over a three-year period due to insolvencie

  • note 20

    Construction cash retention bill gets industry backing

    News5 December, 2017

    A new bill to be introduced to parliament that sets out new rules for managing cash retentions will be backed by a number of industry bodies such as BESA and electrical and engineering services group ECA.

  • parliament lit up

    High hopes as Retentions Bill is presented to parliament

    News9 January, 2018

    A new bill mandating that all cash retentions from construction work are held in deposit protection schemes receives its first reading in parliament today.

  • mppeteraldous

    The Retentions Bill: what will amendment mean for industry?

    News9 January, 2018

    MP Peter Aldous has presented the first reading of the Construction (Retention Deposit Schemes) Bill in parliament today that seeks to amend existing regulation to put a statutory obligation on any group withholding cash retentions to use an approved deposit scheme.

  • worker site cranes silhouette

    Carillion liquidation raises supply chain fears

    News15 January, 2018

    The construction industry has reacted to Carillion’s liquidation today by calling for further government commitments to guarantee prompt and transparent payment mechanisms for contractors.

  • hard hat and boots

    Carillion contracts: 919 public sector roles retained, 377 redundancies announced

    News2 February, 2018

    919 employees working on government or key UK infrastructure jobs for collapsed construction giant Carillion will retain their jobs, the Official Receiver has announced. However, 377 employees on the same contracts will be made redundant as a result of the company entering liquidation last month.

  • pound notes close up

    Industry ramps up pressure on government for retentions reform

    News13 February, 2018

    BESA and the ECA hope to step up pressure on the government to overhaul cash retentions by calling for the introduction of mandatory third-party deposit schemes in a joint response to a recent consultation.

  • pound notes close up

    Build UK pushes for seven-year retentions phaseout

    News8 March, 2018

    Build UK is seeking to introduce a “zero retentions” policy throughout the construction supply chain within seven years as a key policy priority to improve trust in the industry and its practices.

  • retentions petition

    Second reading of retentions bill pushed back to June

    News26 April, 2018

    A second reading in parliament of a bill that would mandate the use of accredited third-party deposit schemes to hold cash retentions has been postponed until June 15 after originally being scheduled for this week.

  • money monies cash finance coins notes funding

    Retentions bill reading pushed back until October

    News19 June, 2018

    A second reading in parliament of a bill intended to ringfence cash retentions within the construction supply chain will be further delayed until October, with trade bodies supporting the bill hoping to use the time to build wider consensus among MPs to push for reform.

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