Carillion going bust

[PannickAtTheDisco]

Is there a good and unbiased breakdown/timeline/in depth article of the Carillon situation?

I'm having trouble getting a decent handle on it. Have the FT done a good piece on it yet?

fairly good FT one, you can read their site all day just on Carillion, 15-20 articles and pieces on there.

https://www.ft.com/content/0e29ec10-f925-11e7-9b32-d7d59aace167

 

[inbetween]

Wholly agree mate but the other option is transferring out of the defined benefits scheme and putting it into your own pension pot so no other fucker can screw the pooch.

Plus is you die with a DB scheme your spouse gets 50%, if she goes your kids get naff all. If you move it into your own private pension then you can leave everything free of any tax to your beneficiaries.

I've kept my employer pension going with minimum contributions but I am indeed contributing elsewhere privately. Company pension schemes don't do things fast enough, charge a lot to do it and the company whose scheme it is doesn't care anyway. We do have good benefits but the actual pension scheme itself is average at best.

I am 29 now and the way things are going I will probably die before I retire anyway.

 

[Damocles]

FT have done about a dozen that are very good.

Any links?

Specifically I was looking for a timeline structure that went a bit into the growing and presumably ignored problem that got us here, rather than the usual "politician thinks this" or "these guys are twats" stuff

 

[DenisLawBackHeel74]

Fucking daft thing is one of their big competitors, Serco, who lost a tender for a £4bn contract to Carillion a couple of years ago warned they had under bid and would either have to come back for more dosh or fail to deliver - HMG ignored it. Tory Government AND Carillion auditors are in this shit up to their necks

Surely there is criminal negligence here, how the fuck did their accounts get signed off ?

 

[Prestwich_Blue]

Any links?

Specifically I was looking for a timeline structure that went a bit into the growing and presumably ignored problem that got us here, rather than the usual "politician thinks this" or "these guys are twats" stuff

Try this one: https://www.ft.com/content/2c6ad932-fad8-11e7-a492-2c9be7f3120a

The one BJL_City has posted is another good one.

 

[denislawsbackheel]

I heard that the ones on pensions may have to take a 20% cut in their pensions fucking great whatvtge fuck do those old people do now, I’d be straight round the execs and nick his car

If you are already in receipt of your pension you lose nothing.
You continue to receive 100%.

http://www.telegraph.co.uk/pensions-retirement/news/carillion-collapse-will-pensions-still-paid/

 

[PannickAtTheDisco]

Any links?

Specifically I was looking for a timeline structure that went a bit into the growing and presumably ignored problem that got us here, rather than the usual "politician thinks this" or "these guys are twats" stuff

http://www.proactiveinvestors.co.uk/LON:CLLN/Carillion/timeline/, less of a descriptive timeline but you can see by when the articles are posted how it starts to fall apart.

http://www.telegraph.co.uk/business...r-kpmg-faces-scrutiny-approving-books-months/ a briefer timeline over the last 6 months.

 

[Prestwich_Blue]

Outsourcing is, by and large, a scam. Seen numerous examples of it in IT.

Worked with an Indian company who charged the client for all the time its staff did but ony paid those staff for a standard 5-day week when some were regularly working 7 days a week. Also worked at another company who outsourced their development. A little system we'd had developed for us when it was in-house took just a few days to write as we could sit with the developer as he built it. Then it went to the outsourcer and a few small enhancements needed us to write detailed specs for which we were quoted 40 days work and the quality of the delivered enhancements was appalling. The whole thing possibly cost up to 10 times what it would have cost to do in-house.

 

[manctheknife]

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.

Amazed that Carillion could not turn a profit on the Construction business. Plum Government contracts, which they then part funded start ups with sub contractors monies,.....horribly run from the top down, and, unfortunately blanking all major aspects of the Egan and Latham reports on procurement and payment in the construction industry, which have been around since 94.
We have some exposure to this, as they owe us a few quid....but the likely hood is they would have wriggled out of paying anyway...'next job, allright?

 

[Damocles]

fairly good FT one, you can read their site all day just on Carillion, 15-20 articles and pieces on there.

https://www.ft.com/content/0e29ec10-f925-11e7-9b32-d7d59aace167

Try this one: https://www.ft.com/content/2c6ad932-fad8-11e7-a492-2c9be7f3120a

The one BJL_City has posted is another good one.

Thanks guys