Insolvency and Administration
Due to the nature of the construction industry, when companies from this sector go into insolvency or administration, there are numerous issues to be resolved, not least of which is the collection of the book debt and the problem of retention.
We assist both Insolvency Practitioners and Administrators to maximise recovery for the benefit of the creditors.
In so doing we cover issues such as: -
- Evaluation of existing contracts and likely recovery.
- Recovery of company property.
- Evaluation of assets and assisting with their disposal.
- Assessment of all contracts and the calculation of Final Accounts for works completed to date.
- Valuation of creditor accounts.
- Agreement of outstanding accounts.
- Assessment of counter claims by end users for completion of projects and proposal to I.P. or Administrator of acceptance of any valid costs assessed.
- Collection of the book debt and providing regular updates to the I.P or Administrator.
- Programming of and the collection of retention funds held.
Our fees for carrying out this administration work are negotiated at the outset and can be either a fixed daily rate or based on a percentage of all monies received after the insolvency or administration of the company.