To further ease the insolvency and bankruptcy process and streamline the acquisition of stressed assets, Union Finance Minister Arun Jaitley may do away with no-objection certificates required for asset transfers. This comes under Section 281 of the Income-Tax Act, and it will be waived for transactions between companies under insolvency…
MUMBAI: Essar Steel promoters Shashi and Ravi Ruia are working toward setting up a consortium to bid for the company that’s in the midst of bankruptcy proceedings at the National Company Law Tribunal (NCLT), said several people aware of the matter. However, the move is expected to come under scrutiny as a recent amendment to…
A British company that is part of a P3 agreement with the Saskatchewan government to build and maintain a new hospital in North Battleford has gone into liquidation. In a statement released Monday, Carillion PLC, which employs more than 6,000 people in Canada, said it had no choice but to liquidate. It has been struggling…
Carillion Collapse: What To Know About Its Liquidation | Fortune What You Need To Know About the Collapse of Carillion, a U.K. Construction Giant Search Read the full article at: http://fortune.com/2018/01/15/what-you-need-to-know-about-the-collapse-of-carillion-a-u-k-construction-giant/
David Birne, insolvency partner at chartered accountants H W Fisher & Company said in a statement that it is extremely unusual for a company of Carillion’s size to opt for liquidation rather than administration. “It suggests there is little, if anything, of value within the company to be saved. Almost every big insolvency in…
The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which entered liquidation this morning. The companys management were in talks with lenders and stakeholders over the weekend in a bid to save the company, but these failed. Carillion had a combined debt of more than…
Image copyright Google Image caption Carillion has a base in Belfast’s Titanic Quarter Northern Ireland staff working for the construction firm, Carillion, are meeting union representatives after it was announced it is to be liquidated. Carillion is the second biggest construction company in the UK and its liquidation is threatening thousands of jobs. It is…
Matthew Vincent January 15, 2018 Contrary to popular and populist opinion, outsourcing is a messy business with little margin for profit. Or for error. Serco boss Rupert Soames has a lavatory brush on his desk to remind himself not to bid for work below the average cleaners 5-6 per cent margin. He calls it his…
AILING construction firm Carillion said it had “no choice” but to enter into liquidation this morning, putting thousands of jobs at risk. The building and maintenance giant is Britain’s second largest and employs 20,000 in the UK alone – many at its Wolverhampton HQ. Reuters Carillion this morning entered into liquidation, its chairman confirmed. The…
U.K. suppliers to Carillion Plc are desperately trying to figure out the impact of its failure on a vast network of businesses that had contracts with the indebted construction services company, according to the head of an industry lobby. “Carillion outsourced everything, said Rudi Klein, chief executive officer of the Specialist Engineering Contractors Group, whose members include…