The closure of sites, manufacturers, logistical and supplier issues and difficulties implementing social distancing obligations meant that no construction project in the UK escaped being impacted when the lockdown was imposed back in March.
Every recession leads to an upsurge in the number of insolvency cases in the construction industry and unfortunately this is already happening as the sector begins the process of attempting to emerge from COVID-19.
The positive news is that there are steps businesses can take to protect themselves from the increased threat of insolvency. Michael Gerard explains this process, which involves careful management of contracts and cash flows in a recent feature in leading construction industry publication www.pbctoday.co.uk.
You can read the full article here.