Aaron McDonald discusses the findings of the “Fiocco Report” with John Fiocco.
The Fiocco Report was commissioned to investigate and provide recommendations on Security of Payment Reform in the WA Building and Construction Industry.
The key takeaways from the Report:
– Subcontractors need to educate themselves on the legal mechanisms available to them
– Subcontractors are not enforcing the rights that exist under the current regime
– People in the construction industry should show integrity and the introduction of a demerit point system should encourage that
– The introduction of a statutory trust scheme to protect subcontractors may potentially result in insolvency practitioners becoming trustees