1^st Floor

Innovation House

Ballybrit Business Park

Ballybrit   

Galway   

Tel: +353 91 748006

Email: info@nuark.ie

 

 

 

                                                            

 

 

 

 

 

 

 

NuArk offers support to Receivers /Liquidators and insolvency practitioners by using their extensive knowledge of all types of Construction Contracts to realise a maximum return from an insolvent Contractors’/Subcontractors’ debt book.  In insolvency situations NuArk will take all the necessary steps to optimise revenue on W.I.P. , completed works and retentions by identifying value leakage, mitigating losses and optimising return.

 

In the case of Main Contractors Insolvency we can provide the following services:-

à Evaluate live projects affected by insolvency

à Prompt retender to complete the incomplete projects

à Analyse and recommend suitable Contractor to be Novated to complete the project (for the benefit of the Surety provider)

à Analyse and mitigate Employers’ claims

à Assist in agreeing termination values and termination sum

à Assist in agreeing Work in Progress (WIP)

à Project Completion - workout

 

 

Project Completion

Government Construction Contracts Committee (GCCC) Contracts

All Government funded infrastructural projects must now be procured under a new form of contract called the GCCC Form of Contract. The best way for a Receiver to realise revenue is in the completion of a project, where allowable, as the bondsman will get the benefit of WIP and retentions certified if project is retendered.

As a result of Clause 12, The employer is entitled to hold all monies owed until all contracts have washed out.

 

Bondsman

In Surety situations NuArk will mitigate losses by urgent intervention and assessment of W.I.P. and completion costs so as to best advise clients. We can also vet all claims and carry out cost-benefit analysis for any insured event.

 

à Analyse and recommend suitable Contractor to be novated to complete the project

à Analyse and mitigate Employers claims

à Assist in agreeing termination values and termination sum

à Assist in agreeing Work in Progress (WIP)

à Project Completion - workout

 

Sub-contractors Insolvency

When sub-contractor insolvency occurs it can often be difficult and slow in dealing with main contractors and clients to recover debts. NuArks’ experience in all forms of construction contract and project surveying will ensure maximum realisation of a companys’ debt book as follows:-

 

à Carry out project surveys

à Submit final claims to include WIP and agreed variations

à Meet with debtors and Contract administrators

à Carry out site inspections

à Investigate company records to minimise any set- off costs or spurious contra claims.

Insolvency

Support

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