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29 Mar 2024 20:23
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  •   Home > News > Business

    Sub-contractors are likely to be left out of pocket after the collapse of Ebert Construction

    Sub-contractors are likely to be left out of pocket after the collapse of Ebert Construction


    Receivers have dished out 2.3 million dollars since the firm's collapse last October.

    But they say most subcontractors are likely to experience a significant shortfall in claims for unpaid work despite the existence of a retention fund.

    Since March 2017, it's been compulsory for construction firms to hold money in trust for subbies.

    When Ebert went into receivership its accounts showed 3.68 million was held in retentions, but it had another six million more owed under the retentions scheme.

    The receivers say it's a difficult situation for many people.

    © 2024 Newstalk ZB, NZCity

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