Bankruptcy
Bankrupt Builder – Getting Finished
If your new home is under construction when the house is being built you could be presented with something like this. Here are the steps that need to be followed with the insurer to finish the house: The insurer should…
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Builder Bankruptcy – Getting Information Together
Well if you have followed the advice of the initial Bankruptcy Post you should have stopped all payments and made the site secure. This will protect the money you have paid to date. The next step is to get all…
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If The Builder Goes Bust
House Building can be a high risk business…………..so what happens if the builder of your new house goes bust? Legally Your house building contract should have clauses included for the eventuality of the builder becoming insolvent. Read the contract carefully…
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Builder’s Bankruptcy – Finance
So the builder has become insolvent and the house is half built…………..what are the financial implications? To finish a partially built project using another builder is going to cost more than if your original builder finished the project. For an…
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Bankrupt Builder – Will The Insurance Be Enough?
I have previously talked about dealing with the mess when a builder goes bust. To make the financial aspects clearer a worked example follows: This is based on a contract for a house to be built for $300,000. A typical…
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