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03 Contract Administration > 19 Contractor Insolvency > Flashcards

19 Contractor Insolvency Flashcards

1
Q

What are the different types of insolvency?

A

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2
Q

What is the difference between insolvency and liquidation?

A

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3
Q

What are the alternative courses of action when a company becomes insolvent?

A

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4
Q

What is administration?

A

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5
Q

What are the differences between liquidation, administration and receivership?

A

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6
Q

What is a Company Voluntary Arrangement?

A

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7
Q

What is a Creditors? Voluntary Liquidation?

A

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8
Q

When is the Official Receiver brought in?

A

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9
Q

What is a winding-up order?

A

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10
Q

What is the significance of the Insolvency Act?

A

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11
Q

What is an administrative receiver within the meaning of Section 29 of the Insolvency Act?

A

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12
Q

What is the main role of an administrative receiver and how might he go about it?

A

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13
Q

In relation to insolvency, what is the significance of the Law of Property Act?

A

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14
Q

What is a Law of Property Act receiver and how does their role differ from that of an administrative receiver?

A

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15
Q

Is insolvency a breach of contract?

A

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16
Q

What are the insolvency provisions of a contract with which you are familiar?

A

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17
Q

What action would you take if the contractor on your project became insolvent?

A
  1. Secure the site, including materials and plant
  2. Ensure the site is safe
  3. Terminate the employment of the contractor under the contract
  4. Verify the condition and quality of the works - document any defective or incomplete works
  5. Notify the client, project team and any third-party interest (e.g. lender)
  6. Decide whether to proceed with the works
  7. Agree a procurement strategy to finish the works if necessary
  8. Establish the remaining works and programme
  9. Assess the cost to complete the project
  10. Tender the works and appoint a new contractor
  11. Keep records of all costs associated with the completion of the works
18
Q

In the event of a main contractor insolvency, what action should be taken in respect of unfixed materials on site?

A

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19
Q

What action would you take if the main contractor on your project told you that he was about to go into administrative receivership?

A

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20
Q

What are the main valuations that would need to be carried out a result of a contractor?s insolvency?

A

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21
Q

If an interim certificate had been issued under the contract, but had not been paid and subsequently the contractor goes into administrative receivership, does the employer still have to honour the certificate?

A

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22
Q

Should the employer make direct payments to a sub-contractor in the event of the main contractor becoming insolvent?

A

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23
Q

When a main contractor becomes insolvent, who owns any retention held under the contract ?

A

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24
Q

What are the issues surrounding retention of title in the event of an insolvency?

A

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25
Q

What is the order of distribution of the proceeds of insolvency?

A

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26
Q

In the event of the liquidation of the main contractor on a project, how might you go about appointing another contractor to complete the works?

A

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27
Q

What information might an insolvency practitioner want from you as a surveyor on a contract?

A

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28
Q

Why might an insolvency practitioner be interested in a valuation of the uncompleted works on a project?

A

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29
Q

In the event of the insolvency of the employer under a contract, what help or advice might you be expected give to the insolvency practitioner if you were the contract administrator?

A

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30
Q

What conflicts of interest could there be if the contract administrator on a project were to give help or advice to the insolvency practitioner?

A

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31
Q

What are the main elements of a final account to determine the amount due to an insolvency practitioner of either a contractor or an employer?

A

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03 Contract Administration (20 decks)

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