In the winter of 2015, the Indian Legislature sought to tackle the persistent problem of bad debts affecting Indian financial institutions and trade creditors by enacting the Insolvency and Bankruptcy Code, 2016 (“Code”), which was finally notified in May 2016. The key purpose of the enactment was to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons / entities. 

​We consider the implications of the Work and Pensions and BEIS Committees’ report into Carillion, which highlights a lack of “meaningful competition” in the statutory audit market and recommends a reference to the Competition and Markets Authority.

Summary

In September 2017, the UK construction industry contracted for the first time in over a year. With Brexit delaying some investment plans, there is also a degree of uncertainty in the industry, and, of course, the risk that some construction companies may be forced into insolvency. This blog post considers some practical implications from an insurance angle.

Protection