The new trust regime for retentions under construction contracts is a real game changer for those in the construction industry. The current levels of knowledge and readiness in the industry are low and many will be unable to comply with their obligations. Although the changes only take effect from 31 March next year, preparation should already be well underway. Being able to advise clients on the radical changes and their implications will be essential for practitioners in a variety of practice areas. This On Demand webinar, presented by an accountant and lawyer, highlights the main changes and commercial consequences of the retentions trust obligations.
- Understand better what obligations the new law imposes on those holding retentions, what entitlements are conferred on those who are owed retentions, and what contracts will be affected by it.
- Learn more about the practical application of the trust regime, including what is meant by liquid assets and the duties on the holder of retention monies as trustee when retentions are owing.
- Gain insights into the issues likely to confront clients including the significant financial consequences, accounting records that need to be kept, the right of inspection, methods of enforcement and possible sanctions.
Who should view?
Construction lawyers, banking lawyers, practitioners representing developers, property lawyers and general practitioners who advise on construction matters from time to time.
Access details will be delivered via email within 15 minutes.
Construction and Real Estate Sector National Leader
With more than 35 years of advisory, business services, tax, corporate finance and audit experience James maintains a proactive partnership approach with his clients who benefit from his multi-disciplinary range of services and industry experience.
James’ passions include Construction, Manufacturing and Family Business. He has great insight into the issues and challenges facing these sectors. James develops a very close relationship with his clients and provides practical and pragmatic advice. His clients appreciate his strong industry expertise and look to him for leadership in emerging issues.
Geoff Hardy is a partner in the Auckland law firm Martelli McKegg and has 41 years’ experience in commercial and construction law. He is the legal adviser to the Certified Builders Association and his firm acts for several hundred of their 2,300 builder members. He has written and presented numerous submissions on building-related legislation to Government Departments and Select Committees, and is a regular participant in conferences and seminars on the subject. He is also the author of numerous published articles on construction law topics and a regular feature writer in various magazines including ITM’s Building Business. Geoff’s firm is both an expert adviser to the Building Practitioners Board, and an advocate for builders defending disciplinary charges before the Board.