{"id":50978,"date":"2019-01-14T10:17:48","date_gmt":"2019-01-14T10:17:48","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=50978"},"modified":"2019-01-14T10:17:48","modified_gmt":"2019-01-14T10:17:48","slug":"carillions-collapse-one-year-later","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/carillions-collapse-one-year-later\/50978\/","title":{"rendered":"Carillion\u2019s collapse: One year later"},"content":{"rendered":"<h2><a href=\"https:\/\/unitetheunion.org\/\">Unite, Britain and Ireland\u2019s largest union<\/a>, has warned that a year after Carillion\u2019s collapse the government\u2019s inaction is putting jobs at risk and could result in future corporate meltdowns<\/h2>\n<p><a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/unite-carillion-style-collapses\/50255\/\">Carillion went into compulsory liquidation<\/a> on 15 January 2018, with \u00a37bn of liabilities and just \u00a329m left in the bank. Experts believe that Carillion had been trading while insolvent for several years prior to its collapse.<\/p>\n<p>As a result of the company\u2019s collapse nearly 3,000 of Carillion\u2019s staff were made redundant with many other workers in the company\u2019s supply chain also losing their jobs. Many of Carillion\u2019s <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/gmb-southern-call-on-workers-at-carillion-sub-contractors\/37942\/\">sub-contractors were also forced out of business.<\/a><\/p>\n<h3>\u00a3150m cost to taxpayers<\/h3>\n<p>The cost to the taxpayer for Carillion\u2019s collapse is well in excess of \u00a3150m, much of this money has been paid to accountants <a href=\"https:\/\/www.pwc.co.uk\/\">PwC, who have been paid in excess<\/a> of \u00a350m to act as \u2018special managers\u2019 to break up the company, make workers redundant and transfer outsourced contracts to new providers. On average PwC staff were paid \u00a3356 an hour for their work.<\/p>\n<p>The cost to the taxpayer for making Carillion staff redundant is estimated to be \u00a365m.<\/p>\n<h3>Unfinished business<\/h3>\n<p>When Carillion went bust, its two flagship construction projects were the<a href=\"https:\/\/www.rlbuht.nhs.uk\/\"> Royal Liverpool hospital<\/a> and the <a href=\"https:\/\/www.swbh.nhs.uk\/midland-metropolitan-hospital\/\">Midland Metropolitan hospital in Sandwell<\/a>, West Midlands. The cost of both projects has rocketed and both hospitals will be at least three years late before they are operational.<\/p>\n<p>Despite the scale of Carillion\u2019s collapse no action has yet been taken against any of Carillion\u2019s directors or senior managers, despite longstanding investigations by the regulator into accountants and auditors, the <a href=\"https:\/\/www.frc.org.uk\/\">Financial Reporting Council (FRC)<\/a>, and the Insolvency Service. There have also been suggestions of investigations into potential insider trading. The delay in action led Unite to call for an immediate criminal investigation into Carillion\u2019s collapse in September last year.<\/p>\n<p>The government has rejected all calls for substantial reforms to prevent further Carillion style collapses. The only noticeable change is that the government is piloting a policy that requires major outsourcing companies with public sector contracts in financial difficulties to produce a\u00a0<a href=\"https:\/\/unitetheunion.org\/news-events\/news\/2018\/november\/living-will-proposals-for-outsourcers-shows-lessons-from-carillion-s-collapse-have-been-ignored\/\">\u2018living will\u2019<\/a>\u00a0to detail how services can continue to be run following a company\u2019s demise.<\/p>\n<h3>Business as usual<\/h3>\n<p>Unite assistant general secretary <a href=\"https:\/\/www.gov.uk\/government\/people\/gail-cartmail\">Gail Cartmail<\/a> commented: \u201cIt is staggering that a year after the biggest corporate failure in modern UK history the government has carried on as though it is business as normal.<\/p>\n<p>\u201cThe government\u2019s failure to take action to ensure that there cannot be similar collapses in the future is a <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/trades-workers-among-worst-for-managing-stress\/45332\/\">betrayal of workers<\/a>, who still face being cast on the scrapheap without warning because of irresponsible directors who place profits and shareholder dividends before people.<\/p>\n<p>\u201cA year on from Carillion\u2019s collapse the government needs to stop prevaricating and start taking effective action to drive bandit capitalism out of the UK.\u201d<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Unite, Britain and Ireland\u2019s largest union, has warned that a year after Carillion\u2019s collapse the government\u2019s inaction is putting jobs at risk and could result in future corporate meltdowns.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[824,676,283,276],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-50978","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-carillion","8":"tag-construction","9":"tag-finance","10":"tag-government"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Carillion\u2019s collapse: One year later<\/title>\n<meta name=\"description\" content=\"Unite has warned that a year after Carillion\u2019s collapse the government\u2019s inaction is putting jobs at risk and could result in future corporate meltdowns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/carillions-collapse-one-year-later\/50978\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carillion\u2019s collapse: One year later\" \/>\n<meta property=\"og:description\" content=\"Unite has warned that a year after Carillion\u2019s collapse the government\u2019s inaction is putting jobs at risk and could result in future corporate meltdowns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/carillions-collapse-one-year-later\/50978\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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