Building Companies Facing Liquidation
Almost overnight building sites were shut, trades such as bricklayers, painters, roofers and electricians found themselves facing three day weeks and eventually no work at all. Whole gangs of labor suddenly had nothing to do. Those men of course had skills, they could work outside of the big firms who employed them, but they were now competing with their fellow artisans who were already servicing the private citizen. Lost of small companies have sprung up offering building services. the problem they have all experienced however, is that the lack of lending and mortgages that caused the housing market to collapse and the building sites to shut, also affected, those who wanted extensions built, and major DIY undertaken. People wanting work done to their property now could not get the funds to pay for it. Unemployment has just risen by 280,000 for the last quarter and total unemployment now stands at 2.31 million. The situation is set to get worse, as the restriction on the availability seems no nearer ending. Many companies have to go into Liquidation and the winding up figures issued by the government show this sector is struggling. Bad debt caused by the inability of clients to pay for their services are also causing building companies to go to the wall. Some shoots of recovery can be seen but this is for cash buyers, or which there a few and far between. With interest rates at such a low level it is hoped that the banks and mortgage companies will start to release cash soon, which will in turn rejuvenate the dire economy. Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company. For all further reading see http://www.helpwithdebtuk.com for personal contact email sthatcher@helpwithdebtuk.com for advice on what you can do if you are in the building sector. For Steve's thoughts see http://steves-debt.blogspot.com Finally if in the UK and you need a friend to speak to call 01162171406 About Author Steve is a qualified solicitor who specialises in debt solutions for businesses and companies alike. From pre-pack administrations to walk through bankruptcys he is always free to talk to. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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