Several Governments have decided to step in with specific legislation related to trust accounts intended to protect subcontractor payments. The QLD, NSW & WA Governments have all introduced rules governing how builders are to manage progress payments and/or retention money held against subcontractors. We’ve looked at the various legislations introduced to date, both in principle & in practice, so we thought we’d provide an assessment of each from intent to adoption & outcomes. We also provide some insight into our ongoing interactions with the various industry bodies that have introduced these policies/processes as well as those set to influence future frameworks.
Tag: construction insolvency
QBCC Payment Rules Under Fire: Are Subcontractor Payments and Developer Funds Truly Protected?
When a builder submits a progress claim, they are not only asking to be reimbursed for costs incurred by their business, but also on behalf…
Press Release: IPEX to tackle threat of insolvency in the construction sector
Melbourne, Australia, 18 September 2023 – IPEX – the industry-leading payments platform that protects project funds and offers enhanced payment security to the construction industry…