Main Contractor Insolvency
The Main Contractor has gone into administration and my Development is only half complete – can LDI provide me with a solution?
With the current economic uncertainty its plausible a new contractor may inherit a part completed development and the Developer concerned will turn to LDI to future proof the project.
One Guarantee can look to provide cover subject to understanding the situation:
- If a residential development, why was an LDI policy not purchased in the first instance or why will the current warranty provider no longer offer cover?
- Who was involved and circumstances regarding their administration/ liquidation.
- Stage of works at time of contractor insolvency?
- How long has the current project been on hold before a new contractor has been found?
- Are One Guarantee able to attend site to undertake a survey? Are any other surveys or Building Control reports available?
- Who is the contractor taking on new works (reputation and financial standing)?
- Is the new contractor novating sub-contractor collateral warranties?
One Guarantee always looks to offer LDI solutions wherever we can, should you wish to discuss the above further please do not hesitate to contact the One Guarantee team.