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Construction Insolvency Briefing
Mason Hayes & Curran were delighted to host a topical breakfast briefing on Wednesday, 10th December on Construction Insolvency. The briefing was extremely well attended by a large number of senior banking and insolvency practitioners clearly demonstrating the timely nature of the topic.
Speakers on the day included Head of Construction Rory Kirrane, Mason Hayes & Curran followed by Senior Counsel, John Hennessy. Chairman for the event was Declan Black, Head of insolvency at Mason Hayes & Curran.
The speakers examined the circumstances which lead to a termination of contract in an insolvency situation, analysing the impact of and differences between the relevant provisions in the various forms of construction contract.
In addition to discussing when a termination can occur, the speakers explained the key issues which arise for consideration once a contract is terminated including the status of collateral warranties, the enforceability of bonds and guarantees, the rights of a contractor to further payment under the contract and ownership of plant and materials on site.
Recent developments in case law in both Ireland and England were discussed in particular focusing on the highly relevant issue of whether or not and in what circumstances architects certificates can be relied on as abasis for securing judgement against an employer and whether or not other claims can be set off against such certificates.
Pictured above from left, Susan Bryson, Partner Mason Hayes & Curran, Declan Black, Head of insolvency at Mason Hayes & Curran, Rory Kirrane, Head of Construction Mason Hayes & Curran and Senior Counsel, John Hennessy.
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