What consideration has the Minister given to the establishment of a short-life government/industry working group to develop the outlines of a legislative solution to help small construction firms in Wales with the lack of protection of retention monies?
Answered by Minister for Economy | Answered on 03/08/2021
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 supply chain payments.
However, insolvency law is a reserved matter and therefore the Welsh Government cannot intervene in any contractual arrangement between individual parties.