RMG Partners are able to assist businesses operating in the Building and Construction Industry that are experiencing cash flow issues. RMG Partners have a wealth of experience to offer clients in terms of budgeting and cash flow planning. In addition, we can assist with recovering debts under the Building & Construction Industry Security of Payments Act ("SOPA") legislation in New South Wales, Queensland, Victoria and the Australian Capital Territory.

The purpose of SOPA

The purpose of the SOPA legislation is to provide subcontractors with a quick means of enforcing progress payments in order to improve the cash flow of all parties in the contract chain.

Systems and Procedures

The SOPA legislation provides a regime for recovering monies owing which starts with the Claimant issuing a Payment Claim (Progress Claim) in accordance with the Construction Contract and the SOPA legislation.  Businesses are encouraged to implement administrative procedures to ensure that they comply with the relevant legislation.  This will ensure that no time is wasted when commencing the recovery of monies owing and provide the ability to suspend works in a timely manner, thus avoiding any further cost on the project, should the debtor (Respondent) not comply with their obligation under the legislation.

Services

Darren Vardy, Principal of RMG Partners, is a qualified Adjudicator under the SOPA legislation.  His dedicated team is able to assist with the following:

• Preparation of payment claims/payment schedules and associated submissions
• Adjudication applications/adjudication responses
• Dealing with challenges to an Adjudicator's determination
• General contract management issues including contract reconciliations; cash flow budgeting; implementation of policies and procedures to deal with the time constraints imposed by the SOPA legislation
• General business management issues such as business structuring to minimise risk; finance structuring and procurement; implementation of accounting systems; GST, tax and accounting advice.