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Property Focus | The legal ramifications of unfinished buildings

Unfinished buildings is one of the most complex legal problems facing the rebuilding of the construction industry. Chris Holwell discusses

13 December 2012

As one of the hardest hit sectors by the credit crunch and ensuing recession, the construction and real estate industry has suffered severely since the onset of the banking crisis and economic upheaval. With reported figures from The Construction Index for the number of casualties within the construction sector as high as 12,710 insolvent construction and engineering companies in the last three years, the industry has suffered not only from the huge reduction in the value of new-build properties but also the collapse or slowed pace of public building projects.

However, there are modest signs of a recovery, including strong recent trading figures from developers such as Barratt David Wilson Group, who have reported an upturn in profitability recently as they have adapted to the demands of the economic climate. If these results are experienced by other companies within the industry, the knock-on effect will be felt by contracto...

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