Prompt payment and adjudication regimes were introduced to help maintain a steady payment flow in the construction pyramid, preventing potentially severe repercussions, usually affecting those at the pyramid’s base. However, despite these new regimes, construction companies are increasingly facing bankruptcy due to elevated interest rates, inflation, supply chain disruptions, and geopolitical factors. This underscores the urgent need for construction professionals to understand payment safeguards when confronted with insolvency and bankruptcy.

Topics of discussion include:

• Exploring strategies for optimizing financial stability in the construction industry, both in pre-construction and in construction
• Learning the practical tips and advice for dealing with insolvent parties on a construction project
  • Considering whether the project can be salvaged
• Reviewing the federal Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA)
  • Considering complexities and claims against individuals or directors
• Assessing the potential impacts of insolvency on dispute resolution proceedings and prompt payment
  • Understanding lien priorities and trusts in insolvency