'Major government contractor Carillion has said it will enter compulsory liquidation with immediate effect.
The construction giant’s board said it had “no choice but to take steps to enter into compulsory liquidation with immediate effect’’ after talks failed to find another way to deal with the company’s debts.
Carillion employs some 20,000 people in the UK and holds contracts for HS2, prisons, the NHS and the armed forces.
It said it had made “considerable efforts” to gain financial support in the short term. Crisis talks over the weekend focussed on “options to reduce debt and strengthen the group’s balance sheet”.
In a statement, the company added: “Those discussions have not been successful, and the board of Carillion has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.
“An application was made to the High Court for a compulsory liquidation of Carillion before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of Carillion.
“We anticipate that the Official Receiver will make an application to the High Court for PricewaterhouseCoopers LLP to be appointed as special managers, to act on behalf of the Official Receiver, and we further anticipate that an order will be granted to that effect.”
Philip Green, its chairman, said the Government would pick up the bill to maintain the public services Carillion currently runs.'
Read more: Carillion: Government contractor enters compulsory liquidation 'with immediate effect'
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