Carillion collapsed in January 2018 owing close to £7 billion, with only £29 million in cash.
The company’s insolvency sent shockwaves through the industry, impacting more than 30,000 suppliers and subcontractors, and led to significant government and public sector projects – around 450 construction and service contracts – being thrown into uncertainty.
At the time, Carillion employed around 43,000 people, including 19,000 in the UK.
Rachel Reeves, then chairwoman of the Business, Energy, and Industrial Strategy (BEIS), called Carillion “notorious” for its late payments to subcontractors, with the significant strain on its cashflow contributing to its eventual downfall.
The Commercial Relations Board, an independent…