Insolvency Advice

MPG has witnessed Insolvency rates within the construction industry augment faster within the past two years than in most other industries. Given the uncertainty ahead for many construction firms, obtaining early professional advice is crucial.

The term 'insolvency' indicates a company's inability to pay debts as and when they fall due or (from a balance sheet perspective) the value of a company's liabilities being greater than the value of its assets. Each can result in a company being placed into liquidation or administration. The aim of these processes is to recover all available assets, enabling them to be disposed of to generate proceeds which can be distributed to creditors to satisfy their debts.

In the construction industry there is usually a delay between work being performed and payment being received. The lag in monetary recovery can result in businesses suffering cash flow issues because they have to wait up to 90 days or more for invoices to be paid, or because in some cases (for various reasons) they may not be paid at all. Late payments and bad debts are the main triggers for insolvency.

Finally, the domino effect reflects the impact which one party higher up the chain becoming insolvent can have on others, such as a main contractor on a subcontractor. The failure of one business can have repercussions for others in the chain who were reliant on the income from the project to fund their works.

There are many early warning signs that an employer, contractor or subcontractor could be facing financial difficulties. These may include Cash flow issues, attempts to negotiate changes in payment terms such as renegotiating credit limits, unsatisfied court judgements, County Court Judgements or High Court Writs being issued against them, and Suspension of work without explanation or surprising/uncommercial omissions from a project.

Insolvency can affect all businesses regardless of turnover. MPG has a wealth of industry knowledge, our expert advisors are waiting to take your call.
https://mpgqs.com/insolvency-advice/

CONGA Golf Alliance Day

Lee Barwick represented MPG at the inaugural Golf Alliance Day held by Conga.

The event was hosted by Mr. David Smith, an architect who manages his own practice and was attended by 6 of the following members: David smith – Architect, David Featherstone – Mechanical Engineer at own practice, Lee Barwick – MPG, Richard Draper – Owner and Manager of Sales & Marketing business, Nigel – Project Manager at own PM practice and Dan – Director for Groundworks, Subterrain Works Contractor. (Listed as shown in photo from right to left).

The day was won by Richard Draper who scored 36 points.

During lunch held after golf was played, a gentleman who represents a developer introduced himself to the Conga party. He showed interest and enquired if any of the members would be able to assist him with a project, he is currently engaged in. Particularly seeking a Project Manager, Nigel forwarded his details which will hopefully lead to a commission.

A great day of fun and networking was had by all.
https://mpgqs.com/conga-golf-alliance-day/

Apprenticeships at MPG

We recently caught up with our apprentices; Samson Parker and Nathan Strugnell on their journey at MPG. For the last three years, both have been studying their QS HNC on day release once a week.

Samson mentioned, “I would 100% recommend people to join MPG as an apprentice. Not only do I gain qualifications but also gain vital working experience – for instance the highlight so far was working with the Cross Rail. It’s been so satisfying seeing this from excavation up to completion.”

Nathan has now progressed to a client-facing role and assisting contractors and sub-contractors. Nathan mentioned “It’s great to work with such a close-knit team who are so wide known within the industry. Both myself and Samson are so pleased to have passed our HNC with flying colours and we are now looking forward to our Chartered Surveyor course in September.”
https://mpgqs.com/apprenticeships-at-mpg/

Subcontractor Retainer Service

Specialising in dispute resolution for MEP Contractors, our experts deliver technically clear contractual advice and provide an independent view of any potential claim or remedial works proposed or already undertaken.

MPG’s Retainer Service includes up to 10 hours of contractual and commercial advice and support per month (any additional support would be charged accordingly) and a monthly face-to-face meeting to introduce and identify key issues that need to be resolved. Our technical team assist with various matters including payment, project management and contract administration.

If you are seeking a service which requires an expert with prerequisite industry experience, please contact our team who are dedicated to facilitating you achieve your desired outcome.
https://mpgqs.com/subcontractor-retainer-service/