HomeDebt Advice HubarticlesUK Construction Sector Under Pressure: When to Seek Expert Insolvency Specialists
UK Construction Sector Under Pressure: When to Seek Expert Insolvency Specialists
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Did you know? The UK construction sector faced a significant downturn in March, experiencing the highest number of firm collapses since last summer. A staggering 377 construction companies ceased operations in just 31 days. This concerning trend marks the third time in four months that construction has topped the UK insolvency charts.
While the headline figures are stark, the true impact resonates deeply with countless business owners battling financial distress. The challenges extend beyond small enterprises, with larger firms also feeling the squeeze from subcontractor insolvencies, persistent supply chain delays, and escalating wage and National Insurance Contributions (NIC) costs, all of which erode already tight margins (CN News)
The Dual Battle for Construction Business Owners
At Bell & Company, we regularly engage with construction business owners who are fighting on two critical fronts:
The Commercial Battle:
Unmanageable default interest: Rapidly accumulating interest on outstanding debts can quickly become overwhelming.
Legal threats over personal guarantees: Directors often face personal liability for company debts, leading to significant legal pressure.
Receivership action taking control of developments: Lenders may appoint receivers, stripping business owners of control over their projects.
Bankruptcy proceedings with millions at stake: The ultimate fear for many, leading to the loss of assets and financial ruin.
The Personal Battle:
Sleepless nights and constant stress: The mental toll of financial uncertainty can be immense.
Spouses unaware of how close the edge really is: Many business owners hide the true extent of their difficulties from their families.
Dipping into personal savings to cover business shortfalls: A common, yet unsustainable, measure to keep the business afloat.
Fearing for the future of your family home: The terrifying prospect of losing personal assets due to business debts.
Act Early: Your Options Are Not Exhausted
It’s common for directors’ in such predicaments to feel as though they’ve exhausted all their options. However, as our debt negotiators consistently advise, this is rarely the case – especially if action is taken promptly.
Unlike insolvency practitioners, Bell & Company operates as dedicated debt strategists. This means our focus is exclusively on acting in your best interest. We specialise in:
Negotiating effectively with lenders.
Pushing back against the enforcement of personal guarantees.
Securing tangible commercial savings to safeguard your financial future
A Clients Perspective
One of Bell & Company’s construction clients shared their recent experience:
“Hand on heart, this was one of the best decisions we made since losing our company…Their dedication to fighting our corner and protecting our emotions was first class. If you’re reading this, don’t wait. Talk to someone who understands.”
At Bell & Company, we’ve drawn on decades of experience and expertise to create a range of free resources designed to support you—whatever your situation.
Downloadour free Construction Debt Guide: Directors’ Handbook
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The team at Bell & Company has been a tremendous help. What was not possible trying to solve with HMRC on our own was made possible. A great outcome which allows us to concentrate on running the business with less…
Making the impossible possible
The team at Bell & Company has been a tremendous help. What was not possible trying to solve with HMRC on our own was made possible. A great outcome which allows us to concentrate on running the business with less stress going forward.
Sascha Cutura – GB
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UK Construction Sector Under Pressure: When to Seek Expert Insolvency Specialists
Did you know? The UK construction sector faced a significant downturn in March, experiencing the highest number of firm collapses since last summer. A staggering 377 construction companies ceased operations in just 31 days. This concerning trend marks the third time in four months that construction has topped the UK...
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