Security Of Payment

The Australian Financial Review is today reporting on the appalling treatment of subcontractors in the Building & Construction Industry.

And while this story is mainly about subcontractors affected in NSW & Vic, it is typical of the problems endemic throughout the Australian Building & Construction Industry.

This story is a must read for all.

Read the full story here.

Worse news still is the fact that Brian Collins QC has handed his Report Into Insolvency In The Construction Industry to Premier Barry O’Farrell and the Premier is hesitating to make the necessary reforms outlined in the Report that will ensure subcontractors get paid in full in the future.

We need to band together and send Premier O’Farrell the clear message that he needs to begin acting in the interest of Subcontractor’s small business’ before it is too late.

The Security Of Payment Act is great for subcontractors in the Building & Construction Industry but falls short in protecting subcontractors when their debtor becomes insolvent.

The Premier needs to address this major issue as a matter of urgency for the general well being of the Building & Construction Industry.

1300 RECOUP Contractors Debt Recovery Contact Us For Security Of Payments Act Help

 

RECOUP are Security Of Payments Act Experts & Debt Recovery and Debt Collection Specialists for Building and Construction Contractors.

RECOUP aims to keep all stakeholders in each state up to date with changes and developments in each state’s legislation that impact claiming payments for building and construction work.

RECOUP provides information and assistance regarding the following legislation:

New South Wales: “Building and Construction Industry Security of Payment Act 1999″
Victoria: “Building and Construction Industry Security of Payment Act 2002″
Queensland: “Building and Construction Industry Payments Act 2004″
Australian Capital Territory: “Building and Construction Industry (Security of Payment) Act 2009″
South Australia: “Building and Construction Industry Security of Payment Act 2009″
Tasmania: “Building and Construction Industry Security of Payment Act 2009 (No.86 of 2009)”