I think the biggest problem is under a liquidation scenario...

I think the biggest problem is under a liquidation scenario those receivables might be a whole lot harder to obtain. As soon as Liquidators are appointed Clients will hold back the cash.

Simply because they will retain it in case their is claims from suppliers as to the ownership of material supplied. Also to ensure the project gets finished. They may also hold it back just because they think they can get away with it.

Thats not to say they won't do it just that it will be disaster for all involved if it happens.