What steps is the Welsh Government taking to protect the retention monies of small businesses from upstream insolvencies?
Answered by Minister for Economy | Answered on 02/08/2021
Insolvency law is a reserved matter and therefore the Welsh Government cannot intervene in any contractual arrangement between individual parties.
In 2020 we convened a Ministerial led Construction Forum with 30+ representative groups. The Forum’s ‘Payments’ Group has been focusing on Project Bank Accounts (and associated documentation) which help with supply chain payments.