Rebuilding electrical businesses post-COVID
Proposed insolvency laws that will enable businesses to financially rebuild after the COVID-19 pandemic have been welcomed by the National Electrical and Communications Association (NECA).
The federal government is considering changes to the rules that will enable businesses to restructure in a difficult economic climate.
“We know a lot of businesses are doing it tough and today’s announcement is a move in the right direction which will provide companies breathing space to rebuild and restructure as they respond to the pandemic — but this should be a last resort,” said Oliver Judd, NECA NSW/ACT Executive Director.
“What’s important now is powering up the economy by accelerating major infrastructure projects, as well as by unlocking opportunities for smaller projects that are shovel ready now — not in six months’ time. Many electrical and communications contracting businesses are relying on these projects to start now, to protect jobs as JobKeeper is dialled down and to avoid companies relying on changes to insolvency rules.
“While today’s announcement is a step in the right direction, government must ensure it doesn’t give an excuse to unscrupulous operators to not pay subcontractors. We know that late payments are a scourge on the construction sector and NECA has long advocated for changes, including the adoption of statutory trusts, to ensure electrical contractors get paid in full and on time,” Judd said.
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