{"id":126344,"date":"2023-05-11T15:07:57","date_gmt":"2023-05-11T14:07:57","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=126344"},"modified":"2023-05-11T15:07:57","modified_gmt":"2023-05-11T14:07:57","slug":"experts-warn-record-number-of-insolvencies-in-construction","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/experts-warn-record-number-of-insolvencies-in-construction\/126344\/","title":{"rendered":"Experts warn of record-breaking wave of insolvencies in construction"},"content":{"rendered":"

Legal experts warn that insolvencies in construction could hit record highs this year after 308 construction companies entered insolvency in February 2023<\/h2>\n

The latest statistics show there were 2,457 company insolvencies in March 2023 \u2013 a 16% rise on the same month in 2022.<\/p>\n

In Q1, there were 5,747 company insolvencies, 18% higher than in Q1 2022. In Q1, there was an 18% increase in insolvencies in construction<\/a>, which was the hardest-hit sector.<\/p>\n

Insolvencies in construction face record levels after being hit by supply chain issues and cost increases<\/h3>\n

Lauren Hartigan-Pritchard, Head of Restructuring & Insolvency at award-winning law firm Higgs LLP,<\/a> stated: \u201cCompany insolvencies are at record levels across the board, and unfortunately construction is leading the way.<\/p>\n

\u201cThe circumstances for the rise in insolvencies varies sector-by-sector. The construction industry has been hit hard by increases in the cost of energy and materials, compounded by unpaid bills and supply chain issues.<\/p>\n

\u201cEach sector has its own challenges. We are witnessing a perfect storm of events that is making life very difficult for many businesses right across the country.<\/p>\n

\u201cUnless the economic picture improves, high levels of business failures are guaranteed.\u201d<\/p>\n

Abuse of the government Covid-19 Bounce Back Loan Scheme accounted for 50% of disqualifications<\/h3>\n

During the financial year 2022\/23 932 directors were disqualified – a 16% increase on 2021\/22.<\/p>\n

It is estimated that around 50% of these disqualifications included an allegation relating to abuse of the government\u2019s Covid-19 Bounce Back Loan Scheme.<\/p>\n

Suky Mann, principal associate in Higgs’ Restructuring and Insolvency team, commented: \u201cWith Government figures suggesting that Bounce Back fraud has resulted in an estimated \u00a33.5bn in losses, we suspect this is the mere tip of the iceberg in a raft of disqualifications to come in the next 12 months.<\/p>\n

\u201cIt\u2019s not just directors of insolvent companies<\/a> that have felt the full force of the Insolvency Service.<\/p>\n

“In December 2021 the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 gave the Insolvency Service new powers to disqualify directors of dissolved companies.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Legal experts warn that insolvencies in construction could hit record highs this year after 308 construction companies entered insolvency in February 2023.<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[908,283,701],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-126344","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-economy","8":"tag-finance","9":"tag-supply-chain"},"acf":[],"yoast_head":"\nExperts warn of record-breaking insolvencies in construction<\/title>\n<meta name=\"description\" content=\"Experts warn of record breaking number of insolvencies in 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