Construction is an industry that has always experienced high rates of business stress, with many businesses often waiting a long time for payment or profits to be realised from developments in which they have invested, which often have a significant impact on cash flow and the payments of creditors and suppliers.
On top of this there are the various contractual arrangements that construction companies must face, both before, during and after a build is completed.
This is particularly the case with the standard Joint Construction Tribunal contracts that most businesses rely upon, which can easily be affected by another party’s insolvency or a sudden termination of contract.
Many companies will also face variations to their build contract from a range of parties including sub-contractors and suppliers, which can suddenly increase the cost of a build or force it stop. We can help you re-negotiate these changes or deal with the financial pressures they bring.
Construction firms face a dilemma when cash is short as if they stop work or leave site significant liabilities arise, but how do they keep trading to realise their work in progress and architect’s certificates?
At Turpin Barker Armstrong we have spent many years working with a range of developers, sub-contractors and suppliers who have found themselves in a difficult position and we understand the pressures that the industry faces.
Using this knowledge and our expertise we have a proven track-record of helping construction companies with a wide range of financial and contractual issues, no matter their size or current financial health and can provide both business rescue solutions and insolvency advice.
If your construction business is showing signs of business stress or you are concerned about the current state of your company’s finances, then it is vital that you act swiftly to ensure that you are not in breach of your legal duties.
To find out how our experienced team can help you and your business with a wide range of issues, please contact us.