Client: Rushworth Street Ltd
Project: Contractor Insolvency
Sector: Mixed-use Development
The Contractor was appointed to construct apartments and commercial offices for the developer, Rushworth Street Ltd. The works progressed to a point where the substructure and part of the frame and superstructure were constructed prior to the Contractor being put into administration.
The challenge was to secure another contractor as soon as possible and manage the remaining works to completion as well as protecting the Developer’s interests with the appointed Administrator. Additional challenges involved dealing with the liability for the partially completed works as initial contract was Design and Build.
- Securing the new contractor promptly to mitigate programme losses arising from administration
- Negotiating a tender with a new contractor for the completion works
- Developing an alternative procurement route and contractual arrangement to complete the works
- Assisting with negotiations with the Performance Bond holder for reimbursement
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