It’s been on the cards for a few months, but as I sit in my office on this fine Friday morning, we’re in the final throes of the insolvency process. It’s essentially a cashflow issue with any revenue over the past ten months going towards plugging leaks.
Without giving too much away, we’re a small construction company (15-20 apartment type jobs) and while one of the more senior members of staff, I have no equity in the business.
It’s a really eerie feeling. Nobody is blaming anyone and everyone seems to have accepted their fate as the murmurs have grown throughout the week. There likely won’t be any funds to pay the last week or two of wages but that can be recovered through a government scheme, along with any redundancy pay. The general demeanour of the staff is quite jovial. Probably fits in with the predominant profile - Male; no dependents; 22-35. I even have one very lucky recruiter calling into the office at lunch. Talk about fish in a barrel.
Since the call was made a few weeks back, the details have obviously been kept watertight. There’s gonna be a lot of angry subcontractors with outstanding invoices. I don’t want to have to change my number, but it looks like it might be necessary.
I’d imagine there have been a few posters through similar. Any relevant anecdotes to add? Anyway, I’m back home to the stony grey soil in 2 weeks. No better place to escape reality.-
I’ve been flirting with the idea of a 12 month return trip home, mostly down to the family guilt. But I don’t think this saga is reflective of the market and salary levels are quite outrageous at the minute. So i’d be reluctant to walk away from that, while I’m in my prime moneymaking years.
Everyone has been informed that they are to come in on Monday. It was met with a few guffaws from the giddy staff. I’ve already penciled in a full RedZone experience (including late afternoon kickoffs) for Monday morning before coming in for the formalities. Termination letters not available until then unfortunately.
Hard to say. This instance caused by a one-off job where things went badly wrong, and a significant hit was taken. We’ve still been getting approached on a daily basis to tender for work.
House prices have fallen this month for the first time since 2015.
Developers are certainly having things a little tougher. Banks have really tightened up on lending for new projects. You’re generally having to demonstrate 75% of a resi job has been pre-sold before finance would be approved. Major crackdown on Chinese investment as well.
It’s certainly not as rosy as 5 years ago, but many projections show the current population doubling in the next 30 years, so demand will never be a problem.
I’m very sorry to hear that pal. Aistralia’s loss etc etc. Your missus is an aussie?
The property market is still very strong here though, albeit the recently imposed restrictions have taken some of irrational exuberance out of it. There would still be a lot of demand for someone of your experience and skillset especially with some of the larger players wouldn’t there?
(Poor attempt at Don’t leave me here on my own in a TFK context Chucks)
Yeah. Sydney born & bred. She has this infatuation with living in Monaghan also. Loved the last trip home. Bizarre.
The employment market is extremely buoyant. I shouldn’t have any trouble picking up something quite quickly. I’ve had 3 recruiters onto me this morning through LinkedIn. They really are like seagulls circling dying fish. As soon as whispers start to get out, they’re all over the staff looking for multiple paydays. Insolvency is a recruiter’s wet dream I suppose.
We didnt here either. Will be a contagion effect across subbies you cant pay though with some going to wall. That puts the tremors from your situation back into all the projects they worked on for other conpanies too.
A good friend of mine sold his contracting business in oz last year for a hefty price. And glad to get out when he did I think