Contact Us
1000 characters left
Confederation of Construction Specialists Google Plus
T 01252 624763

Confederation Comment - Lower Thresholds on Project Bank Accounts!

 

 

Specialist Contractors Need Lower Thresholds on Project Bank Accounts!

Published 8 October 2016

It has been widely reported that the Scottish Government, on public work projects, to protect subcontractors from insolvency and payment abuse, is introducing Project Bank Accounts. Clearly this is a step in the right direction. However, it does not go nearly far enough to protect Specialist Contractors from payment abuse.

Project Bank Accounts will be a requirement from October 31 on building projects over £4m and civil engineering projects over £10m in Scotland. However, we at the Confederation of Construction Specialists believe these thresholds are far too high and do little to protect the most financially vulnerable members of a Main Contractor’s supply chain. It is obvious to us that there should be Project Bank Accounts operating on all projects (Government and Private) with a project value in excess of £1m.

Read Article


Join the CCS today >
Confederation of Construction Specialists Google Plus