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Retentions in trust accounts 20 Feb 2019

If you have a significant amount of money owing to you in the form of retentions by a contracting entity, it would pay to get written confirmation the money has been set aside in a trust account.

You may have noticed a report in the newspaper about Ebert Construction Limited where there was a bookkeeping error and some of the retention money had not been set aside.

As a consequence, the subcontractors were not able to be paid, due to the way the law has been worded.

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