Written question WQ83010
- Asked by
- Paul DaviesConservative
- To be answered by
- Minister for Economy
- Tabled
- Due
- Answered
- Time to answer
- 12 days
Question
What steps is the Welsh Government taking to protect the retention monies of small businesses from upstream insolvencies?
Answer
Answered by Minister for Economy
Insolvency law is a reserved matter and therefore the Welsh Government cannot intervene in any contractual arrangement between individual parties.
In 2020 we convened a Ministerial led Construction Forum with 30+ representative groups. The Forum’s ‘Payments’ Group has been focusing on Project Bank Accounts (and associated documentation) which help with supply chain payments.