JCT retention clauses, trust accounts and insolvency
Kilvington, D.
JCT retention clauses, trust accounts and insolvency - 1992 - Architect and Surveyor 67(5) June 1992, 15-16(2) .
Dsicusses the problem of trust accounts when the empoyer becomes insolvent during the course of a building contract but before the retention monies have been placed in a separate account. At the date of the employers insolvency the main contractor will rank as an unsecured creditor in respect of all monies due to him for work done not taking into account sums already paid.
RETENTION MONIES
TRUST ACCOUNTS
UNSECURED CREDITOR
JCT retention clauses, trust accounts and insolvency - 1992 - Architect and Surveyor 67(5) June 1992, 15-16(2) .
Dsicusses the problem of trust accounts when the empoyer becomes insolvent during the course of a building contract but before the retention monies have been placed in a separate account. At the date of the employers insolvency the main contractor will rank as an unsecured creditor in respect of all monies due to him for work done not taking into account sums already paid.
RETENTION MONIES
TRUST ACCOUNTS
UNSECURED CREDITOR