Carillion going bust

[worsleyweb]

Can’t see a thread on this. But absolutely devestating news for so many people.

I think people are under estaimting how bad this could be. It was well known that they didn’t pay subbies for 120 days after month end - so effectively 150 days In arrears. With a turnover of 5.2 billion I make that about 2 billion they owe to thousands of small and medium sized businesses. I believe that is on top of the money they owe on pensions and to banks etc.

I know loads of lads who are working for heyrods on the site near the co-op building in town on one of their sites.

The economic ramifications of this could be huge. Thousands unable to pay their mortgages this month.

Hope the government offer people support. I also happen to think other big contractors could go the same way. Multi billion Turnover masking long term losses.

 

[Fred_Quimby]

Makes me angry. So many people may be out of a job. Government knew about it ages ago and kept awarding them contracts to try and keep them afloat, bonuses for execs, shareholder dividends, and then the banks ask the government to bail them out, no pension fund (how do they get away with it?). Going to cost the tax payer(us) a fortune. More cuts on the way.

 

[west didsblue]

There’s been quite a lot about it on the General Politics thread

 

[citytilllidie]

They've got 20,000 direct staff who will get sorted out. Sub-contractors will be something like 20 x times that or more. Criminal

 

[blueinsa]

It’s criminal mismanagement that people should go to jail for.

 

[worsleyweb]

They've got 20,000 direct staff who will get sorted out. Sub-contractors will be something like 20 x times that or more. Criminal

I don’t think the staff will get sorted out.

 

[Blue Maverick]

It’s criminal mismanagement that’s people should go to jail for.

Ye like they did in 2008!! Tax payer will be picking up the bill again, those execs for that company are no better than drug dealers and should have all their stuff repossessed and go to jail, they are criminals ruining people’s lives for their greed, make an example of them, then maybe private sector will get its house in order.

 

[blueinsa]

Ye like they did in 2008!! Tax payer will be picking up the bill again, those execs for that company are no better than drug dealers and should have all their stuff repossessed and go to jail, they are criminals ruining people’s lives for their greed, make an example of them, then maybe private sector will get its house in order.

Agree 100%

 

[citytilllidie]

I don’t think the staff will get sorted out.

They'll be top of the list

 

[bluethrunthru]

Not only the directly employed staff but think also of all the smaller contractors and their - non-directly employed - staff and the subbies the smaller contractors employed. All them are fucked - what they are owed won't get paid and there is no guarantee if the do any future work will be paid. They have 48hrs "support" from the government then they are on their own. Many of the SME's and subbies will go to the wall.

Also bear in mind the Govt - we - are only paying the 20k or so directly employed people - we need to in order to feed kids and run prisons but quite a few sites - new hospitals, schools and prisons - are now idle