Insolvency Seminar Held By CIF

The Irish Construction Industry Federation (CIF) has taken steps to prepare builders for dealing with insolvency.

The Federation held a breakfast conference last month, offering firms to hear financial advice from a leading accountancy firm.

Builders have suffered worst from the property market slump, prompting the Federation to provide information on preserving profitability.

Firms have continued to cut staffing levels in an attempt to stay afloat in the current economic climate.

CIF's Martin Whelan said the meeting formed part of a series of seminars.


At the Preserving Profitability in a Downturn conference builders were advised on issues such as managing stakeholder relations, director responsibilities and warned of the consequences of trading while insolvent.

Mr Whelan said: "Unfortunately, there are companies that are experiencing huge pressures."

He revealed the Federation would undertake an holistic survey, lasting two week, which will commence in September.

It is aimed at gauging the true impact of the property slump, across Ireland.

CIF Director General Tom Parlon said: "Banks are major stakeholders in the whole thing.

"Banks have been very aggressive with some customers, either getting them to sell or to provide personal supports, or imposing surcharges. That has been a feature in a small number of cases."

Recent Live Register figures have suggested over 60,000 people signed on, as unemployed, in the past twelve months.

This record increase has been attributed to the rise in construction job losses.

See: Another Live Register Construction-led Jump

(PR/JM)