Contractor Carillion goes into liquidation

This is the full list of questions published by Jon Trickett, shadow cabinet office minister, over the collapse of outsourcing giant Carillion.

"It is regrettable that Carillion has not been able to find suitable financing options with its lenders but taxpayers can not be expected to bail out a private sector company", Minister for the Cabinet Office David Lidington said in a statement.

Carillion's Board has therefore decided that there is no other alternative but to enter into compulsory liquidation with immediate effect.

Carillion was once valued above £2b but the revelations about its rising debt sparked a crisis in July previous year when it issued a profit warning, suspended its dividend, and said key contracts were losing money as debt rose.

"Unfortunately there may be some disruption to routine services in forthcoming days".

Unite's Scottish secretary Pat Rafferty said: "Given today's drastic events it's clear that Carillion was legally obliged to give notice to the workforce in December of the possibility of redundancies".

Carillion is one of the biggest contractors in the United Kingdom, and it does deliver many infrastructure projects and manage many public services.

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

"This company issued three profit warnings in the last six months, yet despite those profit warnings the government continued to grant contracts to this company".

"This is a watershed moment", the Labour leader said.

The company has 43,000 staff worldwide - 20,000 in the UK.

The BBC stated that many smaller firms who work for Carillion had contacted the news outlet with concerns about whether they will be paid.

Working in Partnership with Her Majesty's Prison and Probation Service we are seeking a number of dynamic Facilities Managers in Aylesbury, Newport (Isle of Wight) and Isle of Portland.

Lidington urged all affected employees to go into work and assured them they would continue to be paid.

"They've literally locked the gate".

"The position of private sector employees is that they will not be getting the same protection that we're offering to public sector employees, beyond a 48-hour period of grace", he said.

What happens next depends on the actions of a court-appointed official receiver.

He added: "This is not the failure of a single company, but the failure of a whole ideological system of contracting out public services". Sky News says the debts could reach as high as £2bn, and puts the pension fund deficit at £900m, leading to questions about possible corporate mismanagement. It's an incredibly big business and it's been very successful over the years.

Prime Minister Theresa May's government has agreed taxpayers will foot a bill potentially running into hundreds of millions of pounds to continue paying the company's 19,500 staff in public sector jobs.

Related News:

  • Senior MQM leader found dead in Karachi

    Senior MQM leader found dead in Karachi

    Khan was to be released on April 12, however, the authorities took more than a week to verify the surety submitted by Dr Arif. INP adds: MQM-P leader Dr Farooq Sattar has expressed grief and concern over Dr Hasan Zafar Arif's death in Karachi .
    Pastor who admitted to 'sexual incident' at church placed on leave

    Pastor who admitted to 'sexual incident' at church placed on leave

    Nevertheless, Woodson said the apology did not change the alleged wrong that was done to her 20 years ago, CBS News said. She also said that Savage asked her to unbutton her shirt and then touched her breasts.
    Edapadi writes to Siddaramaiah seeking 7 TMC water for Delta irrigation

    Edapadi writes to Siddaramaiah seeking 7 TMC water for Delta irrigation

    He pointed out that farmers in the state had lost their crops past year due to insufficient inflow into the reservoir. When asked about the Tamil Nadu government's demand, Siddaramaiah said, "We do not have water".
  • DC Metro train derails on Red Line; no injuries or fire

    DC Metro train derails on Red Line; no injuries or fire

    After being stuck on the train for more than an hour, 63 passengers were able to walk through the tunnel to safety. Federal government offices and many other business are closed Monday due to the holiday.
    Kevin Smith Explains Why Star Wars: The Last Jedi Is So Divisive

    Kevin Smith Explains Why Star Wars: The Last Jedi Is So Divisive

    The actor's glowing endorsement comes in a new Tourism Ireland video celebrating Ireland's Star Wars connections (above). Jurassic World earned $208.9 million in its first weekend.
    General Motors Ditches Steering Wheel in New Autonomous Car

    General Motors Ditches Steering Wheel in New Autonomous Car

    The Cruise AV has been developed by Cruise Automation, a Silicon Valley startup, which General Motors acquired back in 2016. The automaker hopes to have passengers and cargo being transported by the vehicles in the next year.
  • Reactions to Carillion liquidation

    Many of these small firms are the lifeblood of their community but their exposure to Carillion's debt puts them at serious risk. Carillion, which has roughly 19,000 workers in Britain and 10,000 in Canada, has its roots in the construction business.
    GasBuddy: Amarillo Gas Prices Rise 3.3 Cents/g, Average $2.27/g

    GasBuddy: Amarillo Gas Prices Rise 3.3 Cents/g, Average $2.27/g

    Patrick Dehaan at GasBuddy.com says the price is being held up by continued cuts from OPEC nations and Russian Federation . Prices went up a little more in Meadville, as it costs $2.85 per gallon on Monday at most Meadville-area stations.

    "House of the Dead" Series Returns to Arcades with "Scarlet Dawn"

    That's why we're so excited to report that a brand new House of the Dead game is making its way to arcades - at least in Japan. Having said that, we suppose it might be possible on Switch, thanks to the Joy Con's built-in motion controls.
  • Amazon Alexa is coming to Toyota cars

    Amazon Alexa is coming to Toyota cars

    Google Assistant has always been playing catch-up to Amazon's artificially-intelligent (AI) digital assistant Alexa . LG chose to use Meridian Audio and add an 8-inch touchscreen display and a front-facing camera on this device.
    South Africa Finna Ride On Racist Sh*thole President With Formal Protest

    South Africa Finna Ride On Racist Sh*thole President With Formal Protest

    The senator , David Perdue of Georgia, also accused another participant in the White House meeting, Senator Richard J. Several Republican senators who were in the room for that meeting on immigration say Trump is telling the truth.
    Romanian Prime Minister Mihai Tudose resigns

    Romanian Prime Minister Mihai Tudose resigns

    Tudose prevailed in a similar power struggle in October , when he demanded, and got, the resignations of two cabinet ministers. Deputy Prime Minister Paul Stanescu has been tabbed to take over the prime minister's post on an interim basis for 45 days.


Most liked

Cuts Holdings in Union Pacific Co. (UNP)
Finally, Capital Investment Advisors LLC raised its stake in shares of Union Pacific Corporation by 8.9% in the second quarter. The fund owned 40,612 shares of the railroad operator's stock after purchasing an additional 2,261 shares during the period.

Applied Materials, Inc. (AMAT) Insider Trading: FORREST STEPHEN R sold 4000 Shares
Carroll Financial Assoc accumulated 0% or 1,000 shares. (NYSE:DKS) has declined 1.35% since January 15, 2017 and is downtrending. It increased, as 59 investors sold BIIB shares while 283 reduced holdings. 116 funds opened positions while 640 raised stakes.

Queen's bra-fitter feels 'absolutely sick' to have lost 'gorgeous' royal warrant
She also claimed that the Queen Mother told her Princess Margaret told her what to wear, but she ignored her daughter. She admitted she failed to send a copy of the book to the Buckingham Palace before it was published.

Verint Systems (NASDAQ:VRNT) Receives Buy Rating from Oppenheimer
Its up 0.18, from 0.9 in 2017Q2. 83 funds opened positions while 258 raised stakes. 26,443 are held by Tudor Inv Et Al. The stock has "Buy" rating by Argus Research on Monday, November 13. (NYSE:REXR) on Monday, July 24 with "Buy" rating.

Corning Incorporated (GLW) Stake Boosted by KAMES CAPITAL plc
Other large investors have also recently bought and sold shares of the company. 56 funds opened positions while 275 raised stakes. New York-based Tortoise Investment Mngmt Lc has invested 0.01% in Corning Incorporated (NYSE:GLW). (NYSE:KW) for 18,714 shares.

Pyongyang plans to send music band to Winter Olympics in South Korea
South Korea has proposed that athletes from both the North and South march jointly together in the opening ceremony. Kim said the Olympics could provide a reason for officials from the neighbours "to meet in the near future".

LeBron James reflects on MLK's legacy, criticizes Donald Trump on holiday
Back in Miami, parents and grandparents who attended with their children hope to teach their young ones of the importance of Dr. After 15 years since its first petition, the day wasn't officially signed into law until 1983 and first commemorated in 1986.

New Cyberpunk 2077 Trailer and Demo at E3 2018
When pressed for a comment, CD Projekt RED has mentioned that the company doesn't comment on gossip or speculation. Last week, we informed you about the official Twitter account of Cyberpunk 2077 showing signs of activity.

Lifetime's Prince Harry, Meghan Markle Movie Announcement Causes Whitewashing Concerns
The resort is popular with the royals and Prince Andrew has made his £13million Chalet Helora holiday home available for Harry and his pals.

FedEx (NYSE:FDX) Stock Rating Reaffirmed by Citigroup
Abner Herrman & Brock Llc decreased General Electric Co (NYSE:GE) stake by 310,426 shares to 57,549 valued at $1.39M in 2017Q3. Bernstein Analysts" was originally reported by The Lincolnian Online and is the property of of The Lincolnian Online.

I welcome DA charges‚ says relieved Cape Town mayor De Lille
It also found that payments totalling R29 584 368, made to Scania for 24 bus chassis during June 2014, were irregular. Chairperson of the DA Federal Council James Selfe said that the FLC is expected to finish its work within 60 days.

Halep leads host of contenders for Serena's Australian Open crown
She's liking being No. 1. "I think I've improved everything (since first becoming No 1)", Wozniacki said at Melbourne Park . I am very excited to see how he goes over the next fortnight. "He won a couple Grand Slams".

Residents give back to the community in honor of MLK Day
Al Sharpton , who also used the holiday to take aim at the racial rhetoric Trump is said to have used. King's backbone. "And I've always admired the fact that he was a multifaceted person".

Sharon Stone had 5 per cent chance of living
As critics rave about Stone's performance in the binge-worthy series, she allows herself a moment to take it in. Sharon Stone most recently appeared opposite Dave Franco in awards season favourite, The Disaster Artist .

This is the Moto E5 with Rear-Facing Fingerprint Scanner
Assuming that the leaked render is the final design, the Moto E5 looks like Moto C from the rear and Moto E4 Plus from the front. The Moto E4 sported a fingerprint sensor just beneath the display, following a design trend that isn't popular anymore.