David Birne, insolvency partner at chartered accountants H W Fisher & Company said in a statement that it is extremely unusual for a company of Carillion’s size to opt for liquidation rather than administration. “It suggests there is little, if anything, of value within the company to be saved. Almost every big insolvency in…
The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which entered liquidation this morning. The companys management were in talks with lenders and stakeholders over the weekend in a bid to save the company, but these failed. Carillion had a combined debt of more than…
Image copyright Google Image caption Carillion has a base in Belfast’s Titanic Quarter Northern Ireland staff working for the construction firm, Carillion, are meeting union representatives after it was announced it is to be liquidated. Carillion is the second biggest construction company in the UK and its liquidation is threatening thousands of jobs. It is…
Matthew Vincent January 15, 2018 Contrary to popular and populist opinion, outsourcing is a messy business with little margin for profit. Or for error. Serco boss Rupert Soames has a lavatory brush on his desk to remind himself not to bid for work below the average cleaners 5-6 per cent margin. He calls it his…
AILING construction firm Carillion said it had “no choice” but to enter into liquidation this morning, putting thousands of jobs at risk. The building and maintenance giant is Britain’s second largest and employs 20,000 in the UK alone – many at its Wolverhampton HQ. Reuters Carillion this morning entered into liquidation, its chairman confirmed. The…
U.K. suppliers to Carillion Plc are desperately trying to figure out the impact of its failure on a vast network of businesses that had contracts with the indebted construction services company, according to the head of an industry lobby. “Carillion outsourced everything, said Rudi Klein, chief executive officer of the Specialist Engineering Contractors Group, whose members include…
The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which entered liquidation this morning. The companys management were in talks with lenders and stakeholders over the weekend in a bid to save the company, but these failed. Carillion had a combined debt of more than…
Related Articles LONDON: Britains Carillion collapsed on Monday after its banks lost faith in the construction and services company, throwing hundreds of major projects into doubt and forcing the government to step in to guarantee vital public services.Carillion was forced into compulsory liquidation after costly contract delays and a slump in new business left it…
Construction giant Carillion has said it has no choice but to take steps to enter into compulsory liquidation with immediate effect after talks failed to find another way to deal with the companys debts. A number of projects in Scotland could be affected by the news, with the platform extension at Edinburgh Waverley and a…
CONSTRUCTION giant Carillion has become the latest company to go into liquidation leaving employees out of a job. The company, which is involved in major projects like the HS2 rail line as well schools and prisons, has been crippled by debts and 20,000 jobs are now at risk. PA:Press Association What does going into administration…