Carillion Carillion’s fall will bring down more construction firms, say accountants Collapse expected to fuel rises in insolvencies as contractors miss out on payments Insolvencies in the construction industry increased by 8% to 2,633 last year. Insolvencies in the construction industry increased by 8% to 2,633 last year, according to figures from the Insolvency Service, which is managing the liquidation of Carillion. It was spun out of the Tarmac construction business in 1999 and steadily took over rivals, such as Mowlem and Alfred McAlpine. The fall of Carillion could be the trigger for even more construction companies going under. Paul Uppal, the government’s small business commissioner, said last month that legislation may be needed if there was not a “cultural change” in the construction industry to ensure prompt payment.

Source: The Guardian February 05, 2018 00:00 UTC