Chapter 2 BIFA - Statutory Trusts
There are extensive and sometimes confusing requirements under Chapter 2 of the Building Industry Fairness (Security of Payment) Act 2017. Under the Statutory Trusts regime, there are two types of trusts formed – Project Trust and Retention Trust.
The requirements, whilst similar across the two types of trusts, are not exactly the same. Accordingly, we have separated out these requirements as sometimes a Project Trust will be established but not a Retention Trust and vice versa.