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OSHA Announces 2021 Citation Penalty Increase

Construction Junkie

Effective January 15, 2021, OSHA has officially increased maximum allowable penalties by 1.182%, a decrease from 2020’s increase of 1.78%. In addition to the year increase, OSHA also recently announced a new debt collection initiative to help them actually collect the penalties they assess.

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Howard Russell Construction goes into administration

Construction Enquirer

Accounts show that the company owed £4.4m to trade creditors at the end of the 2021/22 financial year. Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts. with 31 staff working at the company.

Debt 103
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Key Financial & Safety Metrics for Subcontractor Qualification 

Autodesk Construction Cloud

For another, work delays from 2021 are likely to impact the risk of subcontractor default in 2022 and beyond. . Formula: (Cash and Cash Equivalents + Marketable Securities + Accounts Receivables) / Current Liabilities . Accounts Receivable Turnover . Formula: Revenue / Accounts Receivable . Debt Ratio .

Safety 94
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Suppliers owed £5.5m after M&E contractor fails

Construction Enquirer

An update from administrator FRP advisory Trading has confirmed the scale of debts at the business. Latest accounts for Norstead show it made a net profit of £133,000 from a turnover of £20.3m Hundreds of subcontractors and suppliers were left holding £5.3m

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Millennial Buyers Are Flooding the Housing Market

Pro Builder

Wed, 12/15/2021 - 09:52. In 2020, millennials accounted for more than half of all home-purchase loan applications after surpassing baby boomers to become the largest living adult generation in the US. Millennial Buyers Are Flooding the Housing Market. Some distrusted homeownership as an investment.

Housing 96
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Subbies left unpaid by developer Empire Property Concepts

Construction Enquirer

An update from administrator Opus Restructuring Llp has revealed the scale of debts left by the failure of the firm in April. Companies House records show Empire Properties Concepts Limited was registered in June 2021 and has posted only accounts for a dormant company since then showing £100 in the bank.

Banking 100
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Supply chain owed £3.8m after collapse of London builder

Construction Enquirer

Suppliers left holding unpaid invoices are unlikely to receive a penny for their debts. Management accounts to December 31 2021 showed a turnover of £17m generating a net profit of £177,000. Its civils arm MEC Groundworks also went into liquidation owing more than £100,000 to unsecured creditors.

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