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.

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