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