Carillion: Government sets up taskforce to support small firms and workers

20 January, 2018, 08:15 | Author: Kim Reid
  • British Construction Company Carillion Goes Into Compulsory Liquidation

"By supporting our small business customers during this hard time, we hope we can help as many businesses as possible to get back on an even keel as quickly as possible".

Help offered by the banks to businesses owed money by the failed outsourcing giant Carillion will be no more than a "sticking plaster" solution, industry representatives have warned.

Early on Monday morning Carillion, which had been the lead contractor on Liverpool's new £335m Royal Hospital, announced it was entering voluntary liquidation after racking up debts of £1.5bn.

It employed 20,000 workers in the United Kingdom, and much of its work was contracted out to smaller operators, many of whom are waiting to see if they will paid for work completed in recent weeks and months.

The fund will provide some with fee-free overdrafts and the worst hit with capital repayment holidays on loans for an initial six-month period.

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Banks had agreed to provide "tailored support" worth nearly £250m to those facing a hit from the failure of the company, which owed huge sums when it went into liquidation on Monday, he said.

"We all need to understand that it is very unlikely - as in any administration or liquidation - that those who have already invoiced Carillion up to the announcement on Monday are going to get anything out of this at all".

A spokesman said: "We have created a task force to continue to support and monitor the impact on small businesses and employees who have been affected by Carillion's insolvency".

The Insolvency Service also confirmed that work has paused on construction sites, pending decisions as to how and if they will be restarted. For every project that makes headlines for the wrong reasons, there are many more that are not in the news and delivering value for taxpayers.

"What happens sometimes in private businesses is that mistakes are made by the management and bankruptcies happen".

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The policy would see a Labour Government applying strict conditions to local authorities and Whitehall departments that would dramatically cut the use of private-sector contractors.

Meanwhile official data from Whitehall shows that no senior United Kingdom government ministers met with Carillion in the months after its first profit warning in July past year.

"To rebuild confidence with the public and the many thousands of companies that work with the public sector, the Government should undertake a strategic review of the overall health and sustainability of public contracting".

It held about 450 governmental contracts, spanning the education, justice, defence and transport ministries.

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