Know who you are dealing with.

In Victoria last financial year 2,862 companies became insolvent and nationally 27% of all insolvencies were in the Construction industry which was almost double the next highest industry. Construction has a long history of business failures and phoenixing. As a sub-contractor how can you protect your business?

The most important step is to manage the risk and to do that you need to understand the risk. Do your due diligence, know who you are dealing with. In the past the MPA and FTAA have provided reporting to their members providing key business intelligence on contractors so that members can make informed decision on who they engage with.

The MPA, in partnership with MGA Insurance and Austbrokers, have developed a new business intelligence product for Members, the Contractor Report.

• Confirm the details of the organisation you are dealing with
• Visibility of court actions and insolvency notices
• ATO reportable tax debts
• Check Building Licences
• Understand Insolvency Risk Factors
• Gain visibility of company roles and director relationships with other companies
• Additional service providing monitoring of Contractor details and status so that you can be notified if any of the details reported change.

Provided to members at a competitive fee.

In construction nothing guarantees getting paid, however this report can provide more clarity on who you are dealing with and if there are details you really need to know.