Construction company with Chelmsford Prison contract goes into liquidation

It looks set to be a fairly quiet session in the absence of the U.S. for Martin Luther King Day with the main corporate story of the day surrounding troubled United Kingdom construction and support services giant Carillion.

The construction company conceded on Monday that last-ditch attempts to save the firm had not been successful and confirmed it would be entering into a compulsory liquidation with immediate effect.

Carillion first ran into difficulty after losing significant sums on big contracts and running up huge debts. In July a year ago it won contracts to build Britain's new High Speed 2 rail line, a major project that will better connect London with the north of England. Reports suggest that the firms are still in the design phase of the deal, and detailed proposals are due to be submitted by the end of 2018.

Jim Kennedy, from the union Unite, said: "What is being discussed behind closed doors today has a real impact on each and every one of us". The government is expected to inject an emergency funding package worth £300m so the company can continue to operate on its public service contracts.

"There are also serious questions that need to be asked and answered about Carillion's conduct".

The company said despite considerable efforts, discussions to secure funding have not been successful and has therefore decided to make an application to the High Court for a compulsory liquidation of the business.

Fighter Pilot Makes Impressive Entrance to Announce She's Running for Senate
Another high-profile candidate, Ward, was an early favorite of former Trump adviser Steve Bannon. McSally also shared a stern rhetoric on immigration that Trump has often made headlines with.

"Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future and the board is very grateful for the huge efforts made by Keith Cochrane, our executive team and many others who have worked tirelessly over this period".

Cabinet Office Minister the Rt Hon David Lidington CBE MP said: "It is regrettable that Carillion has not been able to find suitable financing options with its lenders but taxpayers can not be expected to bail out a private sector company".

"Jobs, vital infrastructure projects and public services are now at risk".

David Lidington, minister for the cabinet officer and chancellor for the Duchy of Lancaster, announced that the government would continue to deliver all public sector services following the insolvency of Carillion.

A spokesperson for the PPF said: "We want to reassure members of Carillion's defined benefit pension schemes that their benefits are protected by the PPF".

"And from the moment that this happened there were communications throughout the system... to all of the employees that are showing up across the public sector to say "please carry on coming to work because you will be paid".

Related news:

Hot News

isis-killer-beheading-video-story-top Carillion disaster deepens after experiences building agency's lenders rejected rescue plan
Jan 15, 2018 - 00:12
Carillion added that it was in dialogue about securing short-term financing "while the longer-term discussions are continuing". The Wolverhampton-based company is the UK's second largest in the construction sector and employs 43,000 people globally.

isis-killer-beheading-video-story-top Ocean City Celebrates Dr. King's Legacy
Jan 15, 2018 - 00:10
But their simplicity is deceiving, for they will endure as long as civilization endures, pure and resonant and meaningful. The Hispanic unemployment rate dropped a full point in the a year ago and is close to the lowest in recorded history.

isis-killer-beheading-video-story-top UNRWA vows to go on after Israel's call to scrap agency
Jan 14, 2018 - 00:16
The agency also provides aid to teacher training centers, health clinics and social services. Mr Netanyahu said UNRWA was "an organisation that perpetuates the Palestinian problem".

isis-killer-beheading-video-story-top Bears Hire Offensive Coordinator
Jan 13, 2018 - 03:34
Helfrich becomes the second coordinator to be hired after the Bears named Chris Tabor as special teams coordinator on Wednesday. They fired Fox after three seasons with a 14-34 record that gave him the second-worst winning percentage for a Chicago coach.

isis-killer-beheading-video-story-top Tremors felt in Erbil as 5.5 magnitude natural disaster hits Kermanshah
Jan 13, 2018 - 03:33
A magnitude 7.3 natural disaster in the same area in mid-November killed at least 530 and injured more than 8000. Geological Survey says three earthquakes with a magnitude of around 5 have struck along the Iran-Iraq border.

isis-killer-beheading-video-story-top Lenovo Smart Display gives Google's Assistant a screen
Jan 12, 2018 - 00:40
TV makers such as Hisense, Xiaomi, and Skyworth will be bringing Google's voice-activated helper to their Android TVs. This company isn't new to making smart glasses, but the product it plans to unveil at CES 2018 could change the game.

isis-killer-beheading-video-story-top Trump rails against FISA before vote-because it targeted his campaign
Jan 12, 2018 - 00:39
It was legally authorised in 2008 by Section 702 of the Foreign Intelligence Surveillance Act . The House bill before Congress would extend section 702 to 2021.

isis-killer-beheading-video-story-top Weekend weather: More snow and rain followed by sun
Jan 11, 2018 - 00:30
As the cold front crosses the area on Friday , temperatures will fall below freezing, changing rain to freezing rain and snow. There is some uncertainty, the weather service said in its first email blast Wednesday , Jan. 10.

isis-killer-beheading-video-story-top Spanish giants Valencia join Coquelin race
Jan 11, 2018 - 00:28
Arsene Wenger has admitted Francis Coquelin may leave Arsenal this January - but insists there has been no approach from West Ham .

isis-killer-beheading-video-story-top Net neutrality is going to get a vote in Congress
Jan 10, 2018 - 00:44
Claire McCaskill (D-Mo.) announced that she has signed on to be the 30th co-sponsor. With the 30 votes, the CRA resolution will receive a full vote in the Senate.

isis-killer-beheading-video-story-top Har Gobind Khorana, the man who decoded our DNA
Jan 10, 2018 - 00:44
He joined the faculty of the Massachusetts Institute of Technology in 1970, where he would remain until his retirement in 2007. He was a professor at the University of British Columbia from 1952 to 1960, where he began his work on DNA research.

isis-killer-beheading-video-story-top Rising temperature affecting the hatching process of green sea turtles: researchers said
Jan 10, 2018 - 00:43
The researchers stated that the green sea turtles in northern Great Barrier Reef are producing more females since many years. A shift of just a few degrees can have big impacts on sex outcomes in sea turtles.

isis-killer-beheading-video-story-top Report Says Huawei Failed to Reach Smartphone Sales Deal With AT&T
Jan 10, 2018 - 00:43
The deal reportedly died after members of both the US Senate and House intelligence committees wrote to the FCC. Today's report claims the deal was scheduled to be announced at CES 2018 in Las Vegas on Tuesday.

isis-killer-beheading-video-story-top Gruden on return to Raiders: 'I'm all in'
Jan 10, 2018 - 00:38
That ended up being Gruden's a year ago coaching, before serving almost a decade as ESPN's " Monday Night Football " analyst. His new contract will be $ 100 million for 10 years, which will take him with the franchise to Las Vegas in 2020.

isis-killer-beheading-video-story-top Oprah Winfrey's Golden Globes speech sends Weight Watchers stock soaring
Jan 10, 2018 - 00:36
Meanwhile, a Care2.com petition to draft her into running has gained 4,000 signatures since its launch on Monday. Meryl Streep was quoted as telling the Washington Post that she wanted Winfrey to run for president.