The upcoming general election has put an end to the parliamentary session meaning that, amongst others in the line-up for a second reading, the Construction (Retention Deposit Schemes) Bill 2017-19 will not become law.
The Bill was introduced in January by Peter Aldous MP. The aim of the so-called ‘Aldous Bill’ was to provide protection for retention monies in connection with construction contracts by amending the Housing Grants, Construction and Regeneration Act 1996. It was proposed to create a mandatory retention deposit scheme.
The Aldous Bill was not the first of its kind and reform to the treatment of retention monies in construction contracts has been attempted before. It is likely that a similar Private Members Bill will be proposed in the future but it is likely that its journey through parliament will face the same parliamentary timing issues as its predecessors.