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The Bankruptcy StrategistLJN NewslettersNewsSections

Low Man on the Totem Pole

By Steven D. Usdin and Nella M. Bloom

Imagine that you are a subcontractor, and you just received notice that the general contractor on one of your projects is filing for bankruptcy protection. Or perhaps it's the developer or property owner who's out of funds. Either way, you have invested time, labor, and materials into a project that will probably never be completed, and your chances of collecting payment are getting slimmer with each passing day.

The frequency of this scenario has increased as both the economy and the construction industry continue to suffer. As more projects are abandoned, more subcontractors are being harmed.

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