Finance

Contractor Carillion goes into liquidation

Contractor Carillion goes into liquidation

The move came after talks between the firm, its lenders and the government failed to reach a deal to save the UK's second biggest construction company. He said some of Carillion's 450 public sector contracts might have to be taken over by the government, but there would not be a huge cost to taxpayers.

The failure of Britain's second biggest construction firm puts thousands of jobs at risk in the United Kingdom and overseas.

The firm, which employs around 43,000 people worldwide, manages schools and prisons and maintains thousands of homes for MoD.

Carillion is one of the main contractors for the United Kingdom government's flagship infrastructure project.

Green said that the United Kingdom government would provide funds to keep the company's public services operational, including school lunches and prison management.

Conservative Party chairman Brandon Lewis said the firm was a going concern and added: "Hopefully, they will be able to work with their partners to get the working capital they need to continue to provide important services".

The biggest question now is who or what is going to pick up the public contracts of the company - the government or an outsourced provide.

"An application was made to the High Court for a compulsory liquidation of Carillion before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of Carillion", the company said in a statement.

"The companies' boards have both given assurances and confirmed that they will underwrite the performance of each other in delivering the contract", May's spokesman told reporters.

Affected staff are being asked to report for work as usual.

In the United Kingdom, it is the second biggest supplier of maintenance services to Network Rail, and it maintains 50,000 homes for the Ministry of Defence.

Carillion is a construction giant that also handles facilities management and ongoing maintenance.

"In the meantime, I would like to assure scheme members that the government set up the Pension Protection Fund (PPF) to support members of workplace pensions in precisely these circumstances".

Shadow business secretary Rebecca Long-Bailey said on Friday the Government must "stand ready to bring these contracts back into public control, stabilise the situation and safeguard our public services".

Andrew Adonis, who resigned as head of a government-backed infrastructure commission last month, said Sunday that the Carillion crisis raised "big questions" for transport minister Chris Grayling. They will head into work today not knowing if their wages, pensions and even their jobs are safe.


  • SpaceX Falcon Heavy lined up for first launch from Kennedy Space Center

    SpaceX Falcon Heavy lined up for first launch from Kennedy Space Center

    The company has been preparing to launch its new Falcon Heavy rocket, which is made up of three Falcon 9 engine cores. Whether the Falcon 9 Zuma mission failed or not, SpaceX is now setting its sights on the Falcon Heavy debut launch.
    HTC untethers VR with Vive Pro, Wireless

    HTC untethers VR with Vive Pro, Wireless

    HTC Vive touts this as empowering more creativity for developers, but it's yet to really show just how they can be utilised. The Vive Pro will be backwards compatible with existing Vive applications as well as the company's room-scale trackers.
    Agitated Trump Aide Stephen Miller Thrown Off Live TV Interview

    Agitated Trump Aide Stephen Miller Thrown Off Live TV Interview

    White House senior policy adviser Stephen Miller appears during a televised interview with CNN's Jake Tapper on January 7, 2018. Trump publicly broke with Bannon last week after the remarks were publicized before the book's publication.
  • Bournemouth manager Howe: 'Inner strength' helped us beat Arsenal

    Bournemouth manager Howe: 'Inner strength' helped us beat Arsenal

    "The two goals were of high quality so I am really pleased that gave us the boost towards the end of the game". INCIDENTS: Premier League fixture between Bournemouth and Arsenal at the Vitality Stadium.
    AMD Launches Ryzen Pro Mobile CPUs

    AMD Launches Ryzen Pro Mobile CPUs

    This spring that changes with the mobile Ryzen Pro parts, they might not excite enthusiasts but they will up the bottom line. The chip designer wants to sustain that momentum through 2018 and its kicking off CES with a wide range of announcements.
    Twitter Says Trump, Other World Leaders Can Tweet What They Want

    Twitter Says Trump, Other World Leaders Can Tweet What They Want

    Twitter has come under fire in the past for falling short when it comes to reining in bullying, threats and hate speech. His statement was in reaction to Kim Jong Un's comments in a livebroadcast by North Korea state TV.
  • Are Analysts Bearish Chemring Group plc (LON:CHG) After Last Week?

    Also, insider Mike Inglis purchased 1,999 shares of the firm's stock in a transaction that occurred on Wednesday, November 8th. Pring Turner Grp, California-based fund reported 16,028 shares. 61,034 were accumulated by Invesco Limited.
    Colts won't make London trip in 2018

    Colts won't make London trip in 2018

    Teams don't like giving up home games, but the ones that are most vulnerable are the ones that have trouble selling tickets. The NFL announced its four worldwide games for 2018, three in London and one in Mexico City.
    Hazard To Sign New Contract After Courtois Does

    Hazard To Sign New Contract After Courtois Does

    Eden Hazard has confirmed he will sign a new contract at Chelsea after Thibaut Courtois does the same. "I don't need anyone". But The Sun report this is not the case although the Belgian's representatives are in contact with the La Liga outfit.
  • Virgil van Dijk opens up on rejecting Chelsea and Man City

    Virgil van Dijk opens up on rejecting Chelsea and Man City

    Defender Joe Gomez has given his thoughts on signing Virgil van Dijk , why Jurgen Klopp is a special manager and how Liverpool is the ideal fit for him.
    Toyota and Mazda team up to build a $1.6 billion USA  factory

    Toyota and Mazda team up to build a $1.6 billion USA factory

    It produces most of the cars and trucks it sells in the U.S.at those US plants and exports some of those cars to other markets. Mazda has never had its own U.S. factory, though it did share some production with Ford at one time.
    Teacher handcuffed, removed from school board meeting in Louisiana

    Teacher handcuffed, removed from school board meeting in Louisiana

    Ms Hargrave told the board: "you're making our job more difficult" by not addressing valid pay concerns. It is unclear if the security officer was ordered to arrest Hargrave and remove her from the meeting.