The private party's security arrangements, including any parent company guarantee from the builder's parent company, are particularly important during the construction phase.
A consent to the change in ownership or control of a key subcontractor does not necessarily translate to a consent to the change in entity providing the parent guarantee in respect of the key subcontractor. The State needs to be satisfied that it is not left in a worse position with the change in parent guarantor. For example, the new entity being domiciled in another country potentially reduces the enforceability of the parent guarantee.
Until the State is satisfied with the replacement parent guarantee, and provides consent to the change in entity providing the parent guarantee, the parent guarantee from the existing parent entity must remain on foot.