so ..... basically they're bust - - - continued

V8Druid

V8Druid

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#1
CEF members will/may be familiar with some of my irate posts on the thread of the same name there ... mostly the Carrilion debacle, but several other 'smaller' fiascoes along the same sort of lines too ....
Company law in the UK needs a massive shake up to prevent this sort of thing continuing to occur :mad: ..... but it'll never happen as too many, in certain positions, gain too much from these occurrences and collapses.
Banks, accountants, insolvency practitioners, administrators, solicitors, etc., etc., all gain far too much, to ever see much in the way of change ...... or to liability :mad: and most often those who cause the problems walk away with total impunity :mad:

so to the reason for this continuation .....
https://www.theconstructionindex.co.uk/news/view/union-tallies-public-cost-of-carillion-collapse

" taxpayer-funded redundancy payments to former Carillion staff are set to reach £65m " :eek:..... FFS :mad::mad: ... that's us :( ... the tax paying populous who bear the brunt of a lot 'so called ' insolvencies - read that as planned scams, a lot of the time, which wipe out millions, in this case billions from the UK economy and then further burden the same with this sort of outcome.
All that money has gone; vanished somewhere, to someones gain/pocket/off shore bank account/where ever ....
UK-PLC's economy will never see it again, whether its billions or some small outfit who's taken their creditors for £100k .... and in whatever form, we the tax payer has to 'take up the slack'/hole left behind.

So ... WTF are the management of Carillion allowed to walk away, pockets stuffed, to their swank homes in their expensive suits and cars and leave the tax paying public to pick up the bill ... why have their assets not been seized ... assets bought with what were essentially 'ill gotten gains', at everyone's cost .... and why have we not seen a single prosecution for fraudulent activities, at the very least ?? o_O:mad::mad:
they knew exactly WTF was 'going down ', apart from the company they were supposed to be managing and made damned sure they walked away with 'all the loot' :mad:
 
T

topkit

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#2
Well the Banks got away with it and we bailed out RBS and Lloyds so Carillion's directors as well as their non executive leach directors will get away with it, What really annoys me at the moment is the boses of the very banks that we bailed out are now telling us what we should and should not be doing! Not one banker ever got any kind of sentence and Fred (the shred) Goodwin is the man that crashed RBS is enjoying his index linked pension now, it all stinks!
 
V8Druid

V8Druid

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B

Brendan

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#5
Worst thing is majority of the people who brought it down then walked it other high paying positions of similar power or started new companies and got millions of pounds worth of work
 
V8Druid

V8Druid

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#7
Worst thing is majority of the people who brought it down then walked it other high paying positions of similar power or started new companies and got millions of pounds worth of work
tell me about it :mad: ..... smarmy looking sod this one is ..... :rolleyes:
" Don Kenny, the former Carillion main board director who was chief executive of Lavendon at time of takeover, is now in charge of a larger powered access business under Loxam ownership. " https://www.planttalk.co.uk/threads/interesting.305/#post-5572
https://www.theconstructionindex.co.uk/news/view/welcome-to-britain

1544117377262.png

" Don Kenny, former Lavendon chief executive, now heads up Loxam in the UK "

IMHDO he should be locked up, not "heading up" another company :mad::mad::mad::mad::mad:
 
V8Druid

V8Druid

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#8
Helm Construction local to Bristol just gone so I read.
time of the year Con :rolleyes: .... big bang time, sadly :( .... if a company is in poor health, this time of the year sorts out the weak:unsure:
 
V8Druid

V8Druid

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#10
but will they make it to January ?????:unsure::eek:

https://www.ft.com/content/dd8e5588-f8b9-11e8-af46-2022a0b02a6c

" A new rescue package for Interserve has gained added urgency as clients start to retreat from awarding fresh contracts, and jittery suppliers and workers demand payment upfront ...... It has a turnover of £3.2bn, 70 per cent of that comes from the UK government, which is keeping a close watch on the company. ..... “It wouldn’t be helpful if it didn’t survive,” ........ people close to the company’s bankers said there was “no way” it would find buyers for its shares. ..... Its share price has fallen 80 per cent this year to give it a market capitalisation of just £35m, ...... its debts this year would rise to £625m-£650m, ....... banks and other debt holders would take a significant loss on their existing exposure ... while public shareholders would be virtually wiped out ....... The company had been in talks with its banks since the end of last year, when it breached lenders’ terms. A £834m rescue package was agreed in March, but while the cash boost allowed the company to keep trading, interest costs have been mounting — from £28.4m in 2017 to £56m in 2018, rising to £80m next year. "

their share value / capitalisation doesn't even cover the interest payments :oops::rolleyes:

" the Cabinet Office has already asked it to draw up a living will – in case it goes under. ..... the government launched a pilot of "living wills" for contractors, so that critical services can be taken over in the event of a crisis. Interserve is one of five suppliers taking part. " :unsure:

https://www.building.co.uk/news/interserve-enters-new-round-of-rescue-talks-/5096973.article

https://www.bbc.co.uk/news/uk-46494465
 
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Adam

Adam

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#11
https://www.theconstructionindex.co.uk/news/view/forrest-collapses-into-administration

i'll just leave this here...

"Clients have seen the collapse coming. Last month developer Salboy took Forrest off its Citu NQ project and brought in Domis, a company founded by former Forrest chief executive Lee McCarren. And last week Elliot Group replaced Forrest with Vermont on its £100m Aura scheme in Liverpool.

Forrest is backed by Palatine Private Equity, which completed a secondary buyout in October 2013. Lee McCarren, appointed CEO in 2009, was removed at the time of last year's financial restructuring. He was replaced by Mark Nicholson, who was recruited from Carillion shortly before its collapse. At Carillion Mark Nicholson had been managing director, building (Scotland, North, Midlands/Southwest)."
 
V8Druid

V8Druid

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#12
https://www.theconstructionindex.co.uk/news/view/forrest-collapses-into-administration

i'll just leave this here...

"Clients have seen the collapse coming. Last month developer Salboy took Forrest off its Citu NQ project and brought in Domis, a company founded by former Forrest chief executive Lee McCarren. And last week Elliot Group replaced Forrest with Vermont on its £100m Aura scheme in Liverpool.

Forrest is backed by Palatine Private Equity, which completed a secondary buyout in October 2013. Lee McCarren, appointed CEO in 2009, was removed at the time of last year's financial restructuring. He was replaced by Mark Nicholson, who was recruited from Carillion shortly before its collapse. At Carillion Mark Nicholson had been managing director, building (Scotland, North, Midlands/Southwest)."
not looked at CI today Adam, but with Nicholson at the helm they were doomed
 
V8Druid

V8Druid

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#13
Hasta La Vista .... ........ https://www.theconstructionindex.co.uk/news/view/interserve-draws-up-living-will

" .... subcontractors are being warned not to take on any work for the company. ....... On Monday Interserve revealed that it was in negotiations with lenders to give them shares in the business instead. The company's share price plummeted as a result, making the business worth just £10m. It has debts of £700m "

and this is a fascinating read .... what a debacle

https://www.theconstructionindex.co...-interserve-in-the-clear-over-liberty-stadium

and as for this .... WTF in their right minds sanctioned this :eek::eek:

https://www.theconstructionindex.co.uk/news/view/interserve-still-getting-public-contracts
 
Last edited:
V8Druid

V8Druid

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#14
https://www.theconstructionindex.co.uk/news/view/forrest-collapses-into-administration

i'll just leave this here...

"Clients have seen the collapse coming. Last month developer Salboy took Forrest off its Citu NQ project and brought in Domis, a company founded by former Forrest chief executive Lee McCarren. And last week Elliot Group replaced Forrest with Vermont on its £100m Aura scheme in Liverpool.

Forrest is backed by Palatine Private Equity, which completed a secondary buyout in October 2013. Lee McCarren, appointed CEO in 2009, was removed at the time of last year's financial restructuring. He was replaced by Mark Nicholson, who was recruited from Carillion shortly before its collapse. At Carillion Mark Nicholson had been managing director, building (Scotland, North, Midlands/Southwest)."
another :(:mad: ...... anyone can grow their turnover at an exponential rate ..... if you ain't making anything doing it :confused: ..... yr 4 usually sorts the wheat from the chaff though

https://www.theconstructionindex.co.uk/news/view/bristol-building-firm-folds

wonder how many SMEs they'll take with 'em :unsure: ..... and just what the directors have creamed off in those 4 years? :mad:
 
V8Druid

V8Druid

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doobin

doobin

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#16
This is what happens when you don't pay subbies with a short fuse on time...

https://www.bbc.co.uk/news/uk-england-merseyside-46953987

"
A furious builder ploughed a digger through the doors of a new Travelodge hotel and repeatedly smashed into the building amid a pay dispute.
The driver mounted the steps of the Liverpool hotel and went on to crash through the reception desk and windows inside as he ignored pleas to stop.
Merseyside Police said a man had been located and would be interviewed as part of the investigation.
Building firm Triton Construction said there had been no structural damage."
 
M

Monkeybusiness

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#17
This is what happens when you don't pay subbies with a short fuse on time...

https://www.bbc.co.uk/news/uk-england-merseyside-46953987

"
A furious builder ploughed a digger through the doors of a new Travelodge hotel and repeatedly smashed into the building amid a pay dispute.
The driver mounted the steps of the Liverpool hotel and went on to crash through the reception desk and windows inside as he ignored pleas to stop.
Merseyside Police said a man had been located and would be interviewed as part of the investigation.
Building firm Triton Construction said there had been no structural damage."
I did a job for Triton a couple of years ago - took nearly 12 months to get paid...
 
M

Mintsauce

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#18
They are now saying he had been paid but had failed to check his account:unsure:
Don't necessarily believe this.