Hmm..... interesting the comments on PM's holding the bond money for the maxumim period. If the funds are held in a trust account I can see no reason to do this, as no interest on funds can be gained. To try and suggest retaining the bond money to pay out during the end of month process engaged by the PM's this is a load of bullocks. If the PM is using an industry recognised software these have the facility to allow bond payments to be made at any time of the month whilst at the same time updating the Bond Ledger and allow reconciliation with the trust account.
My only presumption for the funds being held for up to 23 days is that the funds are not held in a trust account but an interest bearing account. Clearing of cheques (if the PM is dumb enough to take them) doesn't take 23 days. If anybody knows of a bank that takes that long let me know, it could prove to be a great cashflow tool.
Keys, as a member of the IPMA I trust that you are using best practice and using a trust account to hold all bond funds. I keenly await your reply.
Unfortunately bad business practices by some PM gives all PMs a bad reputation. Unfortuantely that leads to squeecky wheels calling for regulation of the industry.
It is unfortuate the circumstances surrounding Paul and Flat Fee, congratulations to Paul on at least having the bonds in a trust account, hopefully the court sees fit the release the bonds to the appropriate authority.
Perhaps the Principal Adjudicator, Rex Maidment, should be advised of the bond situation regarding Flat Fee, this would hopefully stop the unfortunate PI's being lumbered with exemplary damages by the 3K's. Lets not get started on the 3K, thats another whole blog in its self.
My only presumption for the funds being held for up to 23 days is that the funds are not held in a trust account but an interest bearing account. Clearing of cheques (if the PM is dumb enough to take them) doesn't take 23 days. If anybody knows of a bank that takes that long let me know, it could prove to be a great cashflow tool.
Keys, as a member of the IPMA I trust that you are using best practice and using a trust account to hold all bond funds. I keenly await your reply.
Unfortunately bad business practices by some PM gives all PMs a bad reputation. Unfortuantely that leads to squeecky wheels calling for regulation of the industry.
It is unfortuate the circumstances surrounding Paul and Flat Fee, congratulations to Paul on at least having the bonds in a trust account, hopefully the court sees fit the release the bonds to the appropriate authority.
Perhaps the Principal Adjudicator, Rex Maidment, should be advised of the bond situation regarding Flat Fee, this would hopefully stop the unfortunate PI's being lumbered with exemplary damages by the 3K's. Lets not get started on the 3K, thats another whole blog in its self.
Comment