Carillion going bust

  • Thread starter Thread starter worsleyweb
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Last time I heard Radio 5 Live were still waiting for a comment from the government after 2 days.
 
Mike N said:
Last time I heard Radio 5 Live were still waiting for a comment from the government after 2 days.
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They announced in Parliament yesterday there's a plan in place but refused to tell MP's what it was. Makes me think there isn't one.
 
People have known about this since 2015 and made a lot of money out of it, on top of that it became general knowledge at the end of 2016, they should have had a liquidator appointed long ago tbf.
 
It just sums up 'UK PLC' perfectly to me... mostly zombie companies in a zombie economy all reliant on a never ending line of debt, cheap credit and tax payer bailouts and subsidies just to survive.
 
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bluethrunthru said:
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
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So no chance of any investigation being a cover up then? Swept under carpet will be the result. It should be a great opportunity for Jezza and his mates to ask awkward questions; whether they do remains to be seen.
 
In a previous life/career, I worked as the Client on a scheme where Carillon were the main contractor on a large contract. The thing that struck me was the turnover of management on site. It was almost a new one every month and each time the new manager didn't know how long they would be staying.

The whole scheme was a bit of a shambles and that was three years ago!
 
Companies fall from the top down. As an HR man, I’ve looked at managers in disciplinary meetings and wondered what on earth they actually do.
 
Blue Maverick said:
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
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Yep, instant 10% reduction in accrued benefits under the PPF if they haven't already started taking benefits.

Also a cap on benefits will come, will work out at about 15% average loss on benefits for the average member (not already in receipt of income).

I've got a lot of gutted clients that didn't transfer their benefits out into SIPPs back in June when the profits warning was announced (and a few clients thanking their lucky stars that did).

Certainly shows that some so-called gold plated or guaranteed final salary schemes are rather perilous. If you are a member of the Barclays, BA, BT or BHS or any of the other ones that are in huge deficit then you should really be seeking professional advice about your options.

Could be worth its own thread to be honest.
 
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SWP's back said:
Yep, instant 10% reduction in accrued benefits under the PPF if they haven't already started taking benefits.

Also a cap on benefits will come, will work out at about 15% average loss on benefits for the average member (not already in receipt of income).

I've got a lot of gutted clients that didn't transfer their benefits out into SIPPs back in June when the profits warning was announced (and a few clients thanking their lucky stars that did).

Certainly shows that some so-called gold plated or guaranteed final salary schemes are rather perilous. If you are a member of the Barclays, BA, BT or BHS or any of the other ones that are in huge deficit then you should really be seeking professional advice about your options.

Could be worth its own thread to be honest.
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it could......but until legislation changes and prohibits shareholder dividends being paid unless the pension fund is at the right figure and there is no fund deficit theres not much point.
 
Ifwecouldjust....... said:
it could......but until legislation changes and prohibits shareholder dividends being paid unless the pension fund is at the right figure and there is no fund deficit theres not much point.
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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.
 
Quick question....

If Carillion were providing 30,000 school meals a day why was the Tory government cutting those meals to the bone? they were into an agreed contract why would they bother to change it?
 
SWP's back said:
Yep, instant 10% reduction in accrued benefits under the PPF if they haven't already started taking benefits.

Also a cap on benefits will come, will work out at about 15% average loss on benefits for the average member (not already in receipt of income).

I've got a lot of gutted clients that didn't transfer their benefits out into SIPPs back in June when the profits warning was announced (and a few clients thanking their lucky stars that did).

Certainly shows that some so-called gold plated or guaranteed final salary schemes are rather perilous. If you are a member of the Barclays, BA, BT or BHS or any of the other ones that are in huge deficit then you should really be seeking professional advice about your options.

Could be worth its own thread to be honest.
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that would be interesting.
 
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?
 
SWP's back said:
I've got a lot of gutted clients that didn't transfer their benefits out into SIPPs back in June when the profits warning was announced (and a few clients thanking their lucky stars that did).
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Didn't they have several profit warnings in a row?

I've got some friends in the Facilities Management sector and they've been nervous about them for a little while now.
 
Damocles said:
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?
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FT have done about a dozen that are very good.
 
Damocles said:
Didn't they have several profit warnings in a row?

I've got some friends in the Facilities Management sector and they've been nervous about them for a little while now.
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Yeah but the market shat itself last summer.

http%3A%2F%2Fmarkets.ft.com%2FResearch%2FAPI%2FChartBuilder%3Ft%3Dequities%26f%3DPNG%26p%3DeyJzeW1ib2wiOiI3NjkxMSIsIm51bVN5bWJvbHMiOjAsInRvQ3VycmVuY3kiOm51bGwsInJlZ2lvbiI6bnVsbCwiaGVpZ2h0IjozMzgsIndpZHRoIjo2MDAsImxpbmVTdHlsZSI6ImxpbmUiLCJkdXJhdGlvbiI6IjM2NSIsInByaW1hcnlMYWJlbCI6IkNhcmlsbGlvbiIsInNlY29uZGFyeUxhYmVsIjoiU2hhcmUgcHJpY2UgKEdCcCkiLCJ0ZXJ0aWFyeUxhYmVsIjpudWxsLCJxdWF0ZXJuYXJ5TGFiZWwiOm51bGwsImlzTW9iaWxlIjpmYWxzZSwiU2hvd0Rpc2NsYWltZXIiOnRydWUsIkludmVydEF4aXMiOmZhbHNlLCJ1bml0IjoicHgiLCJzdGFydERhdGUiOm51bGwsImVuZERhdGUiOm51bGx9
 
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