RETENTION MONIES AND IDENTIFICATION OF THE RELEVANT BANK ACCOUNT

Bodill & Sons (Contractors) Ltd v Mattu [2007] EWHC 2950 (TCC), 30 November 2007

In Bodill & Sons (Contractors) Ltd v Mattu [2007] EWHC 2950 (TCC), 30 November 2007, Mr Justice Akenhead held that it was insufficient for a bank to inform an employer in general terms that a new account would be opened into which retention monies would be paid. The bank must make clear that it is a trust account or that the sums in it are impressed with a trust.