Changes to the Security of Payments Act in New South Wales do not go far enough to address underlying problems associated with building industry insolvency in that state, a Sydney based debt collection expert says.

Contractors Debt Recovery managing director Anthony Igra acknowledges changes contained in the Building and Construction Industry Security of Payment Amendment Bill 2013, which passed last month in New South Wales, are well intentioned and represent merely the first tranche in broader reforms promised by the government to address construction industry…