“Specialist contractors are too often the ones left picking up the pieces,” said Ewing. “They carry the risk yet have the least protection. That must change.”

Ewing, who represents parties in adjudication disputes across the UK, highlights a growing concern: major construction firms operating with dangerously high levels of debt relative to their turnover, with little regulatory consequence when things go wrong.

Among the most striking examples:

• ISG (2024): £1.1 billion debt / £2.2bn turnover (50%)
• Stewart Milne Group (2024): £153m debt / £172.4m turnover (89%)
• Dawnus (2019): £98m debt / £59m turnover (166%)

Across nine prominent collapses since Carillion’s 2018 demise, the average debt-to-turnover ratio is an alarming 70%. This is to be contrasted with Carillion’s ratio of 23%, showing this problem is getting much worse.

“These are not isolated events,” Ewing noted. “They’re part of a wider pattern where financially overstretched companies continue operating and awarding contracts — while those delivering the work are often left unpaid when insolvency hits.”

The impact of these failures, he argues, goes far beyond unpaid invoices. “It’s not just business disruption,” said Ewing. “It can mean the loss of homes, relationships, even lives. The human cost is immense.”

A call for reform — and accountability

Ewing believes the UK could learn from the US in how it treats corporate responsibility. “Introducing anti-trust-style laws — where directors, and potentially even shareholders, can be held accountable if wrongdoing is proven — would be a strong deterrent,” he said. “It would send a message that you can’t use your supply chain as collateral.”

He also argues for a shift in how we talk about those in the subcontracting tier.

“We should stop calling them subcontractors and start calling them what they are — specialist contractors. That shift in language matters. It brings respect and agency back to the people actually building the project.”

For Ewing and his team at Adjudicate.co.uk, who are currently acting on multiple claims exceeding £5m in value, the message is simple: “Not another whitepaper. Not another industry roundtable. Real protections. Real change. Real accountability.”

• Yosof Ewing is the founder of Adjudicate.co.uk, representing specialist contractors in payment disputes and helping them secure what they’re owed under construction contracts. He also leads The Contract Coach®, offering education and contract review services to empower those working at the sharp end of the industry. Tickets for the Scottish Construction Summit are available here.