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  1. #1
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    Carillion. Close to going bust.

    Just read that the second largest construction company in the UK is very close to going bust. It has debts of £900 million with banks reluctant to lend them more. The contracts it holds and people it employs are unbelievable.
    However once more there is a pension black hole of £600 million. Why is it continuously allowed to happen that Joe public and the employees will end up missing out.

  2. #2
    Money List Winner Stuart_C's Avatar
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    Re: Carillion. Close to going bust.

    It's amazing how this shower continually get public funded contracts. I know of 2 sub contractors who have been sent under because of how ruthless they are. There's 100's more.

    I heard yesterday that a number of trades have walked off the new Royal Liverpool Hospital job due to non payment to contractors for many months. This is already 6 months behind schedule and is at least another 6 months away from being finished.

    A few years ago they changed there payment terms from 90 to 120days overnight. Horrible company to work for.

    The biggest issue is theyre involved with so much government work that the government can't let them go under, so us the tax payer end up footing the bill.

    They consistently ,over promise, under deliver, over estimate and under cut.

  3. #3
    Money List Winner Lord Tyrion's Avatar
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    Re: Carillion. Close to going bust.

    120 days payment terms. That should be illegal, genuinely, not a throwaway comment. The knock on effect on other firms is immense. Awful. I wish the general workers well but the bosses who implement a policy like that can go swing.

    Back to Tashy's point. I've no idea why firms are allowed to raid the pension pot. How can it end well? That should be untouchable.

  4. #4
    Global Moderator PhilTheFragger's Avatar
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    Re: Carillion. Close to going bust.

    Quote Originally Posted by Lord Tyrion View Post
    120 days payment terms. That should be illegal, genuinely, not a throwaway comment. The knock on effect on other firms is immense. Awful. I wish the general workers well but the bosses who implement a policy like that can go swing.

    Back to Tashy's point. I've no idea why firms are allowed to raid the pension pot. How can it end well? That should be untouchable.

    Point of order, just because there is a deficit in the pension fund , doesn’t mean that the company has been dibbing into it.
    Barclays Bank, for instance,has a big deficit, down to their investments not growing as much as planned owing to very low interest rates for 10 years.

    I do hope the normal workers are properly protected, the pensions protection people need to grow some backbone
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  5. #5
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    Re: Carillion. Close to going bust.

    Quote Originally Posted by PhilTheFragger View Post
    Point of order, just because there is a deficit in the pension fund , doesn’t mean that the company has been dibbing into it.
    Absolutely agree Phil. A lot of excellent firms have pension deficits due to low interest rates. The test is whether they are actively taking steps to address that. I don't think it would be easy, or even possible to "raid the pension pot".
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  6. #6
    Money List Winner bluewolf's Avatar
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    Re: Carillion. Close to going bust.

    I might be completely wrong, but I thought that companies used to be able to take out excesses in the pension fund but are not liable for replacing those funds when the pot then goes into deficit??
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  7. #7
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    Re: Carillion. Close to going bust.

    Quote Originally Posted by bluewolf View Post
    I might be completely wrong, but I thought that companies used to be able to take out excesses in the pension fund but are not liable for replacing those funds when the pot then goes into deficit??
    Local Authorities were encouraged to take payment 'holidays' by the 1980's Tory Government.

  8. #8
    Global Moderator DCB's Avatar
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    Re: Carillion. Close to going bust.

    A Company that over extended because it wanted it fingers in too many pies. It seemed to forget where it's core business came from and tried to get a slice of the action wherever that action was. Next few days are going to be very interesting.

  9. #9
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    Re: Carillion. Close to going bust.

    Quote Originally Posted by Doon frae Troon View Post
    Local Authorities were encouraged to take payment 'holidays' by the 1980's Tory Government.
    This is true but, for balance, private companies were encouraged to do the same under the New Labour gov't in the late 90's due to the growth of funds purely down to market performance. Post the early 2000's downturn the company I worked for at the time made it clear they hadn't paid in during the "good times" and we then had to up our contributions to fill the gap.
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  10. #10
    Money List Winner bluewolf's Avatar
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    Re: Carillion. Close to going bust.

    Quote Originally Posted by NWJocko View Post
    This is true but, for balance, private companies were encouraged to do the same under the New Labour gov't in the late 90's due to the growth of funds purely down to market performance. Post the early 2000's downturn the company I worked for at the time made it clear they hadn't paid in during the "good times" and we then had to up our contributions to fill the gap.
    I worked for a company who's owner took out £60m when the fund was in surplus. Shortly after this the market Downturned resulting in a sizeable deficit. It's still in deficit now and is causing serious issues.
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