Tower Associates

Technical

Together we can make a difference

You have established your client is technically insolvent, but which route should you follow? Tower Associates Ltd bring a wealth of experience to bear in helping you consider all the various options before a final decision is made.

Consideration needs to be given to all the different aspects of a construction-related insolvency, such as contracts, work in progress, debts and retentions. Initial consultation is given free of charge, and, if brought in early enough, 90% of the time, our advice will result in improved realisations.

Make the wrong insolvency decision, and the value of any assets can disappear overnight!

Once the insolvency route has been decided, protecting the value of work in progress is essential if at all possible. Options to be considered:

Novation/Assignment
Completion
Agree Determinations

The use of phoenix companies, although generally an unpopular option because of the perceived potential for fraud, should also be considered, not the least because with the inside knowledge of the personnel who perhaps formerly ran the various sites, employers are also often happy to consider the continuity of using staff who are already familiar with the contract concerned. Tower Associates can help to validate such arrangements.

The opportunity to recover the value
of work in progress contracts by
such methods can only serve
to benefit the Creditors
of the insolvent
company generally.

Make the wrong insolvency decision, and the value of any assets can disappear overnight!

The opportunity to recover the value of work in progress contracts by such methods can only serve to benefit the Creditors of the insolvent company generally.

The opportunity to recover the value
of work in progress contracts by
such methods can only serve
to benefit the Creditors
of the insolvent
company generally.