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Latest Newsletter - Inquiry into Insolvency in the Construction Industry August 2012
The NSW State Government is concerned about the negative economic and social aspects arising from Insolvencies within our state's construction Industry. This month the Government set up the above Inquiry.

Over the last 25 years we have seen many insolvencies within this sector and have a deep understanding of the issues and consequences. We have been invited and gladly accepted to assist Bruce Collins QC in his role as chair of the Inquiry, with the view to making a positive contribution to not only the Inquiry but in some small way the State.

Read on to learn more about the Inquiry and should you so choose how to contribute, individually or through us.
The Inquiry, chaired by Bruce Collins QC, is both timely and of great importance to the economy of NSW. 

By using the link http://haveyoursay.nsw.gov.au/document/show/438 the terms of reference of the Inquiry can be downloaded but are headlined as:

  1. Assess the extent and cause of insolvency in the construction industry
  2. Consider payment practices affecting sub-contractors, existing protections for sub-contractors and the impact of insolvency on sub-contractors.
  3. Consider legislative or other policy responses that can be taken to minimise the incidence and impact of insolvency in the industry.

This is an opportunity for practices with building industry clients to assist their clients by contributing to a report designed to consider and effect change in the building industry. Many of you lose good clients and your clients often lose their livelihood as a result of non-payment or disputes with head contractors which are often unfounded. The ensuing cash flow issues lead to insolvency and an inability to recover genuine debts. Such aspects of the building industry are being reviewed by Mr Collins.
 
Assuming you have decided (which is recommended) to make a submission you can do so by an online submission using the link: info@iicii.nsw.gov.au. Alternatively, and for added security and anonymity, you can contact us and we can collate your comments with ours and make a submission for you. If you prefer to make your own but are unsure how to do so, we are prepared to help you with your own submission.

de Vries Tayeh applauds the initiative by the NSW State Government. We have already met with Mr. Collins and his staff to make submissions and give other input and we will remain involved directly in the Inquiry and its process as a construction industry insolvency expert.

This is a great opportunity to assist the Inquiry and in turn help to solve some of the pressing issues facing the building and construction industry at the present time, and in so doing help build our State’s economy back to health. We know that many of our colleagues also have many years of experience in the industry and therefore much to contribute to the Inquiry - we look forward to hearing from you.

August 2012