Webinar: Retentions and Aldous Bill

August 8 2018


ebinar: Retentions and Aldous Bill

Due to the recent success of our ‘Retentions and Payment – Know your Rights’ seminar hosted by Clarkslegal and BESA, we are pleased to repeat the seminar as a webinar.

“Reform is urgent before more companies go bust and the housing crisis reaches boiling point.” Alexi Ozioro, BESA’s Policy Co-ordinator

You’ll undoubtedly have seen recent news about the ‘Aldous’ bill on retention payments and that its second reading has been moved from June to 26th October 2018. The bill has gathered significant industry support. There are high hopes this and other initiatives will lead to positive change in payment regimes. The ‘Aldous Bill’ seeks to amend the 1996 Construction act. It aims to ensure retention money is held in a deposit protection scheme. This should solve the issue of upstream insolvency. The average contractor has £27,000 withheld per year in retentions. The proposed changes will reduce the working capital held up in retentions. It should allow companies to invest in apprentices and training, and improve productivity and quality.

In this webinar our industry and legal experts will cover:

  • Overview of recent industry developments including the ‘Aldous bill’ – Alexi Ozioro, BESA
  • Update on retentions and what are the alternatives – Debbie Petford, BESA
  • Payment and project bank accounts – Ruth Wilkinson, Clarkslegal