Britain's construction giant Carillion to collapse, raising job fears

"Given two billion pounds worth of government contracts were awarded in the time three profit warnings were given by Carillion, a serious investigation needs to be launched into the Government's handling of this matter", said Labour lawmaker Jon Trickett.

Meals and services in hundreds of schools have been thrown into doubt today after news that troubled support services company Carillion has gone into liquidation. This is yet another huge embarrassment for the United Kingdom government, which appears to be moving from mishap to mishap.

The liquidator will be looking to realise assets for the benefit of Carillion's numerous creditors, which clearly represents an opportunity for rival businesses.

Keith Loudon, chairman at Yorkshire stockbroker Redmayne Bentley, said: "We never learn the age-old adage that says: "Don't put all your eggs in one basket"!"

A spokesperson for the Local Government Association said those councils affected by the collapse of Carillion had been "monitoring the situation closely and are implementing contingency plans to keep services running as normally as possible".

The collapse of Carillon, the UK's second largest construction company, has raised questions.

"The government are incompetent in office, reckless with taxpayers' money and helpless with public services", he said.

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

"Taxpayers can not be expected to bail out a private sector company", Lidington said.

"In the meantime - as emergency meetings take place between officials - employees of Carillion, pension-holders and taxpayers will want assurances that financial protections are in place in the event the supplier experiencing further financial difficulties".

Carillion, which has been struggling under £900m of debt and a £590m pension deficit, has seen its shares price plunge more than 70% in the past six months after making a string of profit warnings and breaching its financial covenants. "Staff that are engaged on public sector contracts still have important work to do", said government minister David Lidington. "The government can not outsource its responsibility and duty of care to these workers and vital public sector projects".

"While this is a clear and present disaster for construction and wider maintenance, the question will ultimately follow, why did Carillion appear so attractive to clients even as they moved towards collapse?".

"To date, Carillion has only completed about 10% of the work awarded to them and they haven't started any of the really big and hard work yet".

PwC's advice to suppliers states: "You will get paid for goods and services you supply from the date of the Official Receiver's appointment onwards".

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