Morning all
Very sad to see the collapse of Carrillion and that it has entered liquidiation. Not only for the direcly engaged employees who have lost their jobs but also for the many sub-contractors who undertake services on behalf of Carrillion and will be owed substantial sums of money.
It was also interesting to see that the Company moved into liquidation as opposed to administration as there is a difference in terms of both approaches and the employment rights of individuals under TUPE. Liquidation mens that the compamny had already reached a point where there was nothing worth buying. All it has was its contracts on which the margins were too loo to cover its liabilities. There was no viable business to sell with no meaningful assets.
https://www.ft.com/content/a4dd80be-f9f1-11e7-a492-2c9be7f3120a
What do you think will happen next?
Regards
Sarah
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