Welcome to our Construction Sector Hub. Here, we tackle the main challenges faced by the industry and provide customised solutions to help companies navigate them.
The construction sector plays a vital role in boosting and supplying the economy, creating real estate, infrastructure and jobs. The sector encompasses different business types such as plumbing contractors, electrical installers and roofing contractors which play a crucial role in keeping the economy running. However, just like any other sector, the construction sector can face similar challenges in an adapting marketplace.
When seeking advice regarding insolvency for your company, it’s essential that the guidance addresses the unique challenges within your industry. Adopting a sector-specific approach ensures that our support is finely tuned to your company’s specific pressures and the dynamics of your market.
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Our team of licensed insolvency practitioners has extensive experience in assisting companies with financial difficulty, across all sectors. While we have experience working with a wide range of industries, we have also created dedicated pages, to help with specific industry challenges within the construction sector.
Below are two formal insolvency procedures, which would allow your company to continue trading while protecting them from creditor action.
Repay your company debts in a payment plan via a Company Voluntary Arrangement (CVA) A CVA is a formal repayment plan allowing companies to pay unsecured debts in manageable instalments while protected from creditor action. Typically lasting five years, a CVA ultimately clears any remaining unsecured debt. The procedure will provide your company with the flexibility to make repayment schedules, enabling you to continue trading, maintain goodwill and reputation, preserving customer loyalty and sustaining market influence in a dependent marketplace. More on Company Voluntary Arrangements
Restructure your company through administration If your company requires substantial restructuring, entering administration allows a licensed insolvency practitioner to step in as the administrator, aiming to restore profitability. Administration provides temporary protection from creditor pressure, enabling the administrator to restructure the company’s operations, management, and finances for improved efficiency and profitability. This procedure may also facilitate sale opportunities, whether that’s parts of the business or attracting new investors to improve the company’s financial position. More on administration
How we can help close and liquidate your construction company
If you have a company within the construction sector which has debts and is insolvent, the liquidation of your company would draw a line under its operations and write off its unsecured debts.
Close your construction company down via a Creditors Voluntary Liquidation (CVL) A (CVL) is a formal liquidation procedure designed for companies that are insolvent and have unaffordable debt levels. The process will formally close and wind-up your company, terminating payment arrangements, future payments, and upon completion, will clear all unsecured debts and arrears. Eligible employees and directors will be able to apply for statutory entitlements such as redundancy and holiday pay. If the company cannot cover staff entitlements, claims can be submitted through the Redundancy Payment Services. More on Creditors Voluntary Liquidation
Close your construction company down and start again via a Pre-pack Liquidation A pre-pack liquidation is a common term for a type of CVL, where a company’s assets are sold to a new company before the old company undergoes a formal liquidation. This approach enables you to continue trading your business, retaining essential assets, preserving your customer base and business relationships, and moving forward without any historical unsecured debts. You can also employees to your new company under TUPE regulations, ensuring their job continuity. In some cases, you may be able to reuse your company’s trading name, but this can be complex. We can advise you on these processes and how it works. More on Pre-pack Liquidation
Commercial finance for construction companies
If your company typically maintains a healthy cash flow but is facing significant upcoming payments that put strain on your finances, commercial finance could be a viable solution. There are various finance options available to help manage one-time expenses, or to bridge gaps in incoming payments Speak to use for a more detailed breakdown of which commercial finance options might be the best fit for your company.
If you have a company which has debts, it’s important to understand the different closure and recovery options available. We have experience of helping different industries within the construction sector and can offer a comprehensive explanation of the options available to you, and our experienced consultants will look at tailoring our processes to your company’s situation.
Contact our initial advisers, who can advise you on your company’s solvent position and outline the options best suited to its circumstances.
Contact our initial advisers: Speak via phone or online chat. If we can help, we will arrange a free consultation with one of our consultants to discuss your situation in more depth.
Arrange a consultation: During a meeting with one of our consultants, we will advise if an insolvency procedure is the most appropriate route forward or what alternative options are available.
Next Steps: After your consultation, if there is an appropriate route forward, we will issue the relevant documentation for you to formally engage us.
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