Talking Point: Insolvency risk in the construction industry

Hogan Lovells
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In the difficult market conditions which have accompanied the COVID-19 pandemic, the financial health of many industries has been adversely affected. The construction industry is no exception and the insolvency of a party to a construction contract would lead to a number of challenges from both the contractor and the employer’s perspectives. We discuss some key considerations and potential steps that could be taken by the employer and contractor where an insolvency event (e.g. liquidation, administration, etc.) occurs in respect of a contractor. We will refer to such events as “Insolvency Events”.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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