Day 1 of Module C on the fantastic Kings MSc in Construction Law and Dispute Resolution and, as you can see from my timetable, we have a lot of time dedicated to insolvency. This is apt in a time where we are still seeing employers going for the lowest price tender and contractors bidding too low on projects when profit margins are already tight hoping to make money on variations/changes.
Key take home point from today: if you are getting into financial difficulties, seek professional advice. The repercussions of insolvency have widespread effect and can directly effect directors or partners personally, even those “connected” to them like spouses.
Oh and watch this space on the Finance Bill. It has not received Royal Assent yet (Brexit and the election...) but the Government expressed an intention to introduce legislation to render directors and others involved in tax avoidance, evasion or phoenixism personally liable, jointly and severally, with the company for its tax liabilities where there is a risk that company may deliberately enter insolvency.