PHOTO: DAVID WHITE/STUFF Subcontractors will receive some money but not debts owed for work.
Subcontractors working for collapsed Ebert Construction will receive about half of the total $9.3 million stated in the company’s accounts for subcontractor retentions – but are unlikely to receive any money owed for work carried out.
Retentions are when the head contractor or client holds back approximately 5 per cent of the money subcontractors are owed, to ensure they complete any outstanding work before it is repaid.
Only about half the $9.3m had been required to be held under the provisions of new legislation brought in from April 2017 for retentions to be held “in trust”.
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