High-profile builder insolvencies in 2022 underline the benefits of understanding the fundamentals of insolvency law.
When a builder runs into financial difficulties, repercussions for consultants come in many forms. For anyone working as a consultant to a builder who becomes insolvent, the immediate impact is unpaid fees. Should an insolvency practitioner be appointed for the builder, they can recover fees which have already been rightfully paid to the consultant. For those acting in a superintendent role, the risk in wrongly assessing payment claims is elevated. Defective works and delays in building works become much harder to resolve when a builder or any other party involved in the project becomes insolvent.
In this webinar, Samuel Woff and Patrick Joyce, both Special Counsel at Lander & Rogers solicitors, will explore how different insolvency scenarios can affect consultants, and explain the basic legal principles that come into play. What is the difference between the liquidation, administration and receivership of a company? What does it mean when an individual becomes bankrupt? What precautions should you take when dealing with an insolvency practitioner? What rights might you have as a secured or unsecured creditor, if any?