With construction companies counting the costs of the Covid-19 pandemic and a no-deal Brexit on the horizon the experts predict a sharp increase in insolvencies in the sector.
Corporate Insolvency and Governance Act 2020 has now been passed by the government as a direct response to the financial pressures felt by businesses due to the coronavirus pandemic. The provisions of this act will impact on termination clauses in construction contracts and how companies can enforce debts. A panel of experts from Trowers explored contract considerations, what to do if you experience an insolvency in your supply chain, points to note from the new Corporate Insolvency and Governance Act and the recent case law on insolvent companies and adjudication.
Topics covered:
- Contractual considerations to best protect a party's interests in uncertain economic circumstances
- Why insolvency is prevalent in the sector
- An overview of the different insolvency processes
- Issues and practical tips if you experience an insolvency in your supply chain
- Changes under the Corporate Insolvency and Governance Act 2020
- The Supreme Court's decision in Bresco Electrical Services Ltd (in liquidation) v Michael J Lonsdale (Electrical) Ltd on insolvent companies commencing adjudications
The webinar recording can be seen below:
