Electricians Shorthanded by Carillion? - WTF has gone on here?

[Dan]

Carillion appear to have left a lot of tradesmen empty handed.

Do we have any on here?

What are your thoughts on this?

 

[buzzlightyear]

the banks have taken a big hit ,sod the inverter's should have not had the nose I the troffer , they got to big for there boots .

 

[Ian1981]

the banks have taken a big hit ,sod the inverter's should have not had the nose I the troffer , they got to big for there boots .

Come again buzz??

 

[JAWS]

the banks have taken a big hit ,sod the inverter's should have not had the nose I the troffer , they got to big for there boots .

Banks won’t care the like of RBS, HSBC have written off around £30m of loans which to be fair is a spit in the ocean for these considering banks make billions in profit each yr.

 

[derek]

With an estimated 30 000 small businesses owed money by Carillion this is bound to cause a lot of other companies to also go bust which could have a serious knock on effect. The warning signs were there when they increased their payment terms to 120 days suggesting they had cash flow problems. Some businesses were lucky enough to see the signs and get out when they could, many others unfortunately weren't. The directors and shareholders should be made to pay back their dividends and the directors stripped of their wealth to pay back company debts if it can be proved they were issuing bonuses and dividends knowing the company was in dire straights.

 

[static zap]

Shocking behaviour by the inverters , any large growing business risks becoming a pyramid ,if it grows too fast , and the wind changes !
(Modern business ethic - only care about the money.. often foreign)

 

[HandySparks]

...sod the inverter's should have not had the nose I the troffer , they got to big for there boots .

... shareholders should be made to pay back their dividends...

Shocking behaviour by the inverters ...

Well, apart from the crap spelling, it's worth remembering that if you have a pension of any sort, you might well (directly or indirectly) be an investor in Carillion! So pushing for return of dividends could have an impact on you! (plus, it won't happen anyway)

 

[derek]

I can't find a requirement for dividends to be paid back if a company goes insolvent under current UK law but it seems the directors are liable if it is found they had misjudged the financial position of the company and, according to a couple of solicitors websites I have been on, the directors are personally liable for the return of the illegally paid dividends. I am not sure how often the Official Receiver actually chases directors for the return of cash in such cases though.
Handy Sparks - You are of course correct about the number of people who will indirectly own shares in Carillion; personally I think large institutional investors are not doing enough due diligence when it comes to investing other people's money, especially with regards to renumeration and bonuses when the company makes a loss, and the number of directors who are working for numerous companies simultaneously.

 

[sparkdog]

Luckily I didn't go to a meeting with Carillion a couple of years ago, to see what work was on offer. It was an invite by the local council.

 

[baldelectrician]

In Scotland this appears to be a smaller problem
The Scottish Government now insist on Project Bank Accounts which have a trust status- this means that a main contractor going down will not take the project bank account down and the money will still be there to pay sub contractors.

The Scottish Government are better at running things- not many people know that ALL Scottish Government can choose to buy through Scottish Procurement , this makes cost savings which are retained in the public purse

 

[static zap]

Wow Scots sherifs have the power !
( stereo type has its advantages )
... London Law ..protects .!!!

 

[DC-backfrom the past]

my understanding is that the banks will assist any sme/trader that is /has been affected by Carillion collapse .
If anyone is affected, they should approach several banks as many will provide low cost loans and arrange free overdrafts to assist with cash flow problems.

 

[the pict]

Carrilion had one purpose from the begining hoover up as much public contracts shaft the subbies and loot the pension fund take the big salaries and bonuses then eff off into the sunset blaming everyone else

 

[Strima]

Three contractors are bidding to refurbish the fence at 10 Downing street. One is from Birmingham another is from Liverpool, and the third is some bloke from London.

All three go with a Downing Street official to examine the fence. The Brummie contractor takes out a tape measure and does some measuring, then works some figures with a pencil. "Well," he says, "I figure the job will run about £900. £400 for materials, £400 for my crew, and £100 profit for me."

The Scouse contractor also does some measuring and figuring, then says, "I can do this job for £700. £300 for materials, £200 for my crew, and £200 profit for me."

The bloke from London doesn't bother to measure or figure, but leans over to the Downing Street official and whispers, "£2,700."

The official, incredulous, says, "You didn't even measure like the others! How did you come up with such a high figure?" The bloke whispers back, £1000 for me, £1000 for you, and we hire the guy from Liverpool to do the job."

"Done!" replies the government official..... And that is how Carillion was born.....

 

[Squid]

Carillion had a 'rotten corporate culture' - http://www.bbc.co.uk/news/business-44129678

 

[DC-backfrom the past]

I include Carillion in my business gateway inputs.
they are a prime example of a mega company drawing in contractors not paying them, then offering bigger jobs and stretching the smaller contractor and sending many into oblivion.
shocking that the government allowed this to happen

 

[grantr37]

Well, apart from the crap spelling, it's worth remembering that if you have a pension of any sort, you might well (directly or indirectly) be an investor in Carillion! So pushing for return of dividends could have an impact on you! (plus, it won't happen anyway)

Sorry mate your pensions gone, you need to work on sites til you're 68 and might get a state pension if that survives

 

[HandySparks]

Sorry mate your pensions gone, you need to work on sites til you're 68 and might get a state pension if that survives

Is that aimed at me or former employees of Carillion?

 

[grantr37]

Is that aimed at me or former employees of Carillion?

Anybody who has a pension that invested heavily in carillon and its financially connected suppliers

 

[HandySparks]

Anybody who has a pension that invested heavily in carillon and its financially connected suppliers

Ah yes, I take your point.

However, any pension should have sufficient diversification to avoid one failing company (or business sector) overly affecting the performance of the overall fund. And since the Carillion share price has been on a pretty strong downward trajectory since the beginning of 2014, I'd question the competence of any find manager still holding a significant amount at the time they went bust.