ICSM Credit calls for clarity for construction industry during coronavirus crisis as 'firms could become insolvent'

Construction industry representatives are in talks with the Government as they seek clarification over to work or not to work.

Projects such as HS2 have been paused along with Crossrail while other building firms such as Redrow and construction of Hinckley Point C in Somerset where 4,000 people are engaged in building the nuclear power station.

Ian Carrotte of ICSM said there needed to be urgent clarity as huge numbers of contractors were involved in the Hinkley project with a supply chain that need to know what was happening. Any delays in payment to contractors due to the crisis could be catastrophic for the industry.

“With so many construction projects halted there’s a danger that some will slip into insolvency,” he said. “ICSM Credit welcomes the three month extension to the deadline for filing accounts but it doesn’t solve the problem long term of cash flow.”

He said many contractors in the industry were self-employed tradesmen or one or two man businesses who may not qualify for the grants offered by the Government.

ICSM Credit offers those in the construction industry membership of the credit intelligence group who inform members of which firms are in trouble and not paying invoices.

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk