Keeping Scottish retentions safe

By Rudi Klein2020-01-14T06:00:00

Rudi Klein supports the Scottish proposal for a statutory deposit scheme offering an immediate safeguard for retentions

In October 2017 the business department published its consultation on retentions together with the research carried out by Pye Tait. The research revealed that, due to up-stream insolvencies, the industry lost £229m a year (at 2016 prices) worth of retention money over a three-year period.

These losses would have been primarily borne by SMEs, especially tier 2 and 3 contractors. On public sector works these lower tiers of contracting always assume the risk of insolvency since public bodies do not go bust.

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