The Save Construction Initiative (SCI), alongside Begbies Traynor Group, recently sponsored a high-profile BE News roundtable hosted by Watson Farley & Williams, bringing together leading voices from across the construction industry to tackle one of the sector’s biggest challenges – the growing insolvency crisis.
The discussion explored the causes behind record levels of insolvency, the impact of late payment practices and what practical steps the industry can take to create a more resilient and sustainable future. Industry leaders from construction, finance, law and policy all agreed that meaningful change will require greater collaboration, innovation and a fundamental shift in behaviours across the supply chain.
During the debate, SCI Co-CEO Dr Tim Whitehill highlighted the potential of technology and project bank accounts to improve transparency and help transform payment practices within the industry. He emphasised that large contractors are already beginning to understand these approaches and that gradual, industry-wide adoption could lead to significantly better outcomes in the years ahead.
Dr Whitehill commented:
“If we do that, we may be sitting here in 10 years’ time with more positive outcomes, and at Save Construction that is our hope. But we are confident it is going in the right direction.”
The roundtable reinforced SCI’s commitment to driving positive change across the sector by challenging outdated payment practices, promoting innovation and creating a construction industry that is fairer, more collaborative and better equipped for the future.
The conversation made one thing clear: solving the insolvency crisis will require collective action, but the industry is increasingly willing to come together to find solutions and build a more resilient construction sector for everyone.