Poorly conceived and designed at planning stage (at the client's behest probably) then it all flows from there.
Budget's already half shot by the time the innocent builder comes along and that leads to all the further resourcing issues, design changes etc. to finally kill it.

Of course. This also applies to the non distressed ones. Just appraised two opportunities in Egypt. The second guy was quite open about his double books which at least makes a change.

Proper chuckle at that.

I'm assuming you're looking for the next layers then?

I reckon two books is where they stop. Further value leakage will be done by having related businesses be suppliers.

Having just come from the UK, I can categorically state that it's much the same at home. Poor/late design, underestimating (to get the job probably) lack of resource, client changes....the last few jobs I've been on have all been the same. Just here you have even more change-prone clients with deep pockets and short arms, it seems.