Owner’s holdback trust accounts take effect April 1, 2022
The Government of New Brunswick has announced that the holdback trust account provisions of the Construction Remedies Act will be proclaimed into force on April 1, 2022. The provisions create a mandatory regime for owners of construction improvements to maintain a holdback trust account for the benefit of lien holders.
For more information on the details of how this impacts developments in New Brunswick, see our previous articles available at the links below:
- The end of the Mechanics’ Lien Act
- Introducing the Construction Remedies Act
- A new era: expanded obligations for owners under New Brunswick’s Construction Remedies Act
This client update is provided for general information only and does not constitute legal advice. If you have any questions about the above, please contact a member of our Construction group.
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