Royal Hospital contractors Carillion collapse in to administration

The construction firm, which has a 43,000-strong workforce worldwide and 20,000 based in Britain, owes £900million to RBS, Barclays, HSBC, Lloyds and Santander.

Carillion said the government would provide funding necessary to maintain the public services carried out by Carillion staff, subcontractors and suppliers.

The council had a back-up plan in case the company went into liquidation.

"That these plans have worked well is a tribute to the tireless work by NHS staff and by staff employed by Carillion, who have put huge amounts of effort in at what is a very hard time for them".

Carillion is one of the main contractors for HS2, the government's flagship infrastructure project, and provides services for schools, the armed forces, and road projects for the Highways Agency.

Carillion began liquidation proceedings on Monday after battling a £1.5 billion debt pile for around six months.

Carillion said in a statement it "continued to engage with its key financial and other stakeholders, including Her Majesty's Government ('HMG'), over the course of the weekend regarding options to reduce debt and strengthen the group's balance sheet".

He defended the government's decision not to bail out the company and pointed to contingency plans drawn up following Carillion's first profit warning in July.

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Labour's shadow business secretary Rebecca Long-Bailey called for a full investigation into the government's dealings with Carillion. Why did they wait until the eleventh hour to step in?'

He said Whitehall departments had drawn up contingency plans in the event of Carillion's collapse and contracts awarded since July previous year had been on a joint venture basis, where the other partners will now take up responsibility. We are confident that no child will go hungry at school. "A bad mess and one that will take a long time to clean up".

Transport secretary Chris Grayling insisted he was given "secure undertakings" about the company's health when he awarded it the HS2 contract after its second profit warning last summer.

Richard Piper, head of the construction team at Yorkshire law firm Gordons, said: "There is a suspicion that Carillion was under-pricing its services to win tenders, which although successful, can ultimately impact negatively on profitability".

We'd like you to tell us how you, your company or your workplace has been affected. That's not good enough.

It also has several major contracts for managing public facilities, including West of Scotland Housing Association and major military sites such as Dreghorn Barracks, MoD Rosyth, and RM Condor in Arbroath.

Around 28,000 of Carillon's United Kingdom pension schemes will be transferred to the Pension Protection Fund.

Tom McPhail of Hargreaves Lansdown said although Carillion's pension deficit was big, the PPF had a surplus of over £6 billion and was strong enough to cope. This will safeguard the pensions of those who are retired but means those who are still working will receive 90% of the pension they would have expected up to a cap.

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