NSW government response to the Collins Inquiry: the future of the construction trust
On 18 April 2013, the NSW government released its response to the Collins Inquiry into insolvency in the NSW construction industry. The government has adopted a number of the inquiry’s recommendations including: the development of a trust scheme for cash retention money, strengthening the security of payments scheme and a trial implementation of construction trusts on government projects before a possible wider application.
In response to the increase of construction company insolvencies which left subcontractors more than $1 billion out of pocket, the NSW Government commissioned Mr Bruce Collins QC to conduct an inquiry into the construction industry and make recommendations on ways in which the rights of subcontractors and suppliers could be better protected…
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