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Work paused on Carillion construction sites

Work on construction sites run by Carillion is to pause while decisions are made over their future, the Insolvency Service has said. But work on most of Carillion’s private sector service contracts, such as catering and cleaning, is to carry on until new suppliers can be found. Carillion’s customers want to continue with existing services and will provide funding to retain staff for the moment. On Monday the building firm went bust putting thousands of jobs at risk. The collapse of Carillion was discussed during Prime Minister’s Questions. Labour leader…

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Carillion was left with just £29m before going bankrupt

Media playback is unsupported on your device Carillion was in talks with the government since October as part of a desperate bid to stave off collapse, according to the chief executive. Keith Cochrane says the construction giant was left with just £29m in cash by the time it went bust on Monday. Until the last moments, directors still believed a rescue was possible, but banks turned the screw. The details are included in a document Mr Cochrane has prepared as part of the insolvency process. His statement details the failure…

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Carillion directors to be investigated

Media playback is unsupported on your device The government has ordered a fast-track investigation into directors at the failed construction firm Carillion. The UK’s second biggest construction firm went into liquidation on Monday, after running up losses on contracts and struggling with heavy debts. The Business Secretary has asked for an investigation by the Official Receiver to be broadened and fast-tracked. The conduct of directors in charge at the time of company’s failure and previous directors will be examined. “It is important we quickly get the full picture of the…

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Carillion: Small firms count the cost of collapse

Thousands of small firms working for failed construction giant Carillion are waiting to learn if they will be paid, amid growing fears some could close. Carillion used an extensive network of sub-contractors and local suppliers, paying them almost £1bn a year, according to its latest annual report. Employers’ groups are trying to assess the exposure of small firms, but said many faced financial hardship. It comes as critics step up calls for a review into the Carillion crisis. Britain’s second largest construction firm, which employs 20,000 people in the UK,…

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Carillion collapse: Ministers hold emergency meeting

Cabinet ministers are holding a crisis meeting to keep vital public services going after the collapse of key government contractor Carillion. The construction giant, which provides services for schools, prisons and hospitals, has gone into liquidation, threatening thousands of jobs. An emergency Cobra meeting was planned for 18:30 GMT to deal with the fallout. It comes as Labour leader Jeremy Corbyn attacked government policies and called Carillion a “watershed moment”. In a video released on social media, he said: “In the wake of the collapse of the contractor Carillion, it…

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Carillion to go into liquidation

Construction giant Carillion is to take steps to go into liquidation, threatening thousands of jobs This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on Twitter to get the latest alerts. Let’s block ads! (Why?) BBC News – Home

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Carillion: Urgent talks on construction firm's future

The future of troubled engineering firm Carillion is being discussed at high-level government meetings this weekend, the BBC understands. The firm is a key government contractor for projects including the HS2 high speed rail scheme, schools and prisons. There are fears it is close to collapse as it struggles with £1.5bn of debt and a pension shortfall of £587m. On Friday, Carillion said it remained in constructive dialogue about short-term financing. Reports that creditors had turned down a potential rescue plan sent the firm’s shares down by more than 28%…

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