Architects are one of those professions which many of us will never need. Unlike a solicitor, to whom we will turn when we want to buy a house, the top residential architects in Miami only comes to mind if we then decide to make major alterations to that house. It is easy to forget as we all struggle to get through the recession, that almost every sector of the economy is affected.
Problems with the housing market have been well documented and the effect on builders, plumbers, electricians and estate agents are known to all. Architects to have been affected. For those settled in their property, growing families often mean structural changes are required to the family home, to accommodate a larger brood. In order to affect these changes, the assistance of an architect is required to put plans together and to get any necessary approvals from the planning authorities.
With the availability of credit drying up, it means that those who did wish to borrow to make changes to property may find it difficult to do so. If money cannot be borrowed, or a family decides to not spend and save instead, then the architect will not be engaged and the building will not take place. It is the same in industry. Business which may be looking to expand and develop their premises, may be reluctant to do so in harsher times.
The knock on effect is that Architects whether they work in practices with others or on their own, will be struggling to earn fees. If they cannot earn fees then financial distress may follow. If the architect is an individual, then debt solutions may come in the form of debt management, or an Individual voluntary arrangement or ultimately bankruptcy. If a number of architects work together, they may do so as a partnership. The partnership can be saved by a partnership voluntary arrangement or an administration.
