Ardmore administrators launch court proceedings against former subbies

Administrators for Ardmore Construction Ltd have initiated protected court proceedings against former subcontractors over downstream cladding claims. The information has come to light in a new joint report by administrators from BTG, filed with Companies House this week. It also revealed that the insolvency specialists… The post Ardmore administrators launch court proceedings against former subbies appeared first on Construction News.

Collapsed cladding firm’s directors ‘owe liquidators £600k’

The directors of a collapsed construction cladding firm have been asked to repay more than £600,000 following an investigation into transactions made before its collapse. M Price Group Ltd’s two directors have been sent a solicitors’ letter after insolvency specialist Seneca IP said they failed… The post Collapsed cladding firm’s directors ‘owe liquidators £600k’ appeared first on Construction News.

Construction insolvencies tick up for second consecutive month

Construction insolvencies have increased for the second consecutive month, according to the latest official figures from the Insolvency Service (IS). The sector also remained the worst-hit industry, as IS rolling annual data showed collapses were 50 per cent higher than 10 years ago. Construction accounted… The post Construction insolvencies tick up for second consecutive month appeared first on Construction News.

Hotel client collapse sends McGee £2.8m into red

London specialist expects profit rebound after hotel client insolvency hit

Rolling annual construction insolvencies exceed 3,800

Construction remained the worst sector hit for insolvencies as the industry's rolling annual total of business collapses exceeded 3,800, newly released data shows. The Insolvency Service (IS) recorded 3,805 insolvencies in the construction sector in the 12 months to June. The sector accounted for 17… The post Rolling annual construction insolvencies exceed 3,800 appeared first on Construction News.

Keating Chambers - Preparing for Challenging Times Ahead - Insolvency in the Construction Market, 31052022

King’s College London, in conjunction with, Fenwick Elliott, CMS, HKA and Keating Chambers present a seminar exploring the current construction climate, identifying and mitigating risks and how companies can prepare themselves for turbulent times ahead.

Fenwick Elliott - Annual Review 2022, 2023 (December 2022)

A round-up of key developments in the construction, engineering and energy arena including: The Building Safety Act, Adjudication updates, the Construction Industry Law Letter, Technology advances, and economic and political challenges

CABE - Dispute Resolution & Avoidance in Construction Contracts, 11082020

This Webinar by Michael Gerard Michael Gerard Solicitors looks at Dispute Resolution and Avoidance in Construction Contracts

Metroun - Collateral Warranties, What Purpose Do They Serve

Insolvency is a huge risk in the construction industry. What first seems like the perfect project, can quickly become the perfect storm. Sometimes, the beneficiary of a construction project can all of a sudden be left with no contractual link to project stakeholders. This is where Collateral Warranties come in. This video discusses what Collateral Warranties are and the purpose they serve.

Metroun - Vesting Certificates, are they needed, 22122021

A vesting certificate can be used as evidence that ownership belongs to the client upon payment, defeating third party claims of retention of title. In other words, if a contractors becomes insolvent before the items have arrived to site, the vesting certificate is proof that the client is the rightful owner. So that solves that issue right? Well, there’s a little more to it....

Everyone has been talking about how to manage cost inflation but looking ahead, might insolvencies become the latest top risk to your business?

How are you dealing with the risk of supply chain insolvency?

How should i protect advanced payments required by my off-site manufacturing specialist?

Will the Corporate Insolvency and Government Act 2020 have unintended negative cash flow consequences for smaller suppliers?

Will the floodgates now be opened for insolvent parties to adjudicate without fear of injunction on the grounds of their financial position?