Carillion Collapse Costs UK Taxpayers Millions

The National Audit Office has reported that the collapse of construction firm Carillion has cost the UK taxpayer almost £150 million pounds. Included in the end bill for the Carillion liquidation, said to be in the region of £500m, is a £50m payment to accountancy firm PwC who has been acting as special manager during the process.
 
Carillion collapsed into liquidation in January of this year with debts of over £1bn and a pensions deficit of £2.6bn which has now been brought under the Pension Protection Fund, the largest scheme to come under the PPF to date.
 
While the NAO did highlight that around 12,000 of the 20,000 strong Carillion workforce had now managed to find new jobs, 2,300 have been made redundant as a result of the collapse. A recent joint report into the collapse of Carillion by two parliamentary committees found a raft of failings both on the company's board and in its external checks and balances. 
 
MPs accused Carillion executives of relying on suppliers to prop up the failing business and abusing the early payments system to hide its true levels of debt. The report concludes that the firms ex-directors should face a formal inquiry into their fitness to serve as company directors.  

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