It is a common understanding that parties to a contract are bound by the provisions of that contract. However, there may come a time when one or …
Pandemic-related debt, high interest rates, high energy costs, shortages of labour and rising costs of equipment and materials could all contribute to a rise in the number of insolvencies in the construction industry. A contractor becoming insolvent can have a number of impacts on both the project owner, the subcontractors and suppliers. This article discusses a particular issue related to a contractor becoming insolvent after subcontractors have filed builders liens against the project property.
As published in the NRCA’s Northern Construction Connection February 2024 Newsletter, and VICA’s e-New.