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Topic History of: Carillion
Max. showing the last 5 posts - (Last post first)

Author	Message
Spee	Now, the top 4 accountancy firms will be investigated. Including their methodology in valuing a partly completed project - say, a half completed hospital which is valueless (because it's useless) or worth half the end valuation! Carillion had a Goodwill asset of Â£1.6 billion in its Balance Sheet. But what is the real relevance of this intangible asset - in a breakup situation? Answer - not a lot; but it does a great job in propping up a listing Balance Sheet...
Spee	But how our government could be unaware of Carillion's financial plight is baffling - awarding huge strategic contracts to a company close to liquidation. Many subcontractors will fail as a result of not getting paid, or on time. And their employees made redundant - for the government to finance!
Spee	Now - it's confirmed that Carillion owes 30,000 subcontractors. And was making them wait the maximum term of 120 days for payment. This payment strategy is not unusual though, for large organisations. Nothing your supermarket sells you today is owned by them - the suppliers will be paid in 90/120 days time. In the meantime, the supermarket has the use of the customers' money - for free. Enhancing substantial profit margins even further.
Spee	Spee wrote: Although, as subsequent events have clearly shown - the awarding of the contracts to Carillion was foolhardy as they are/were incapable of completing them Foolhardy is now proven to be a major understatement! Extremely important/major government contracts were recently given to an insolvent company - by our government. Carillion has net liabilities of Â£5 billion - it is reported today...
md	md wrote: A few engineering consultants think the main problem was the traditional outsourcing model and that the crisis could be a catalyst for positive change. www.constructionnews.co.uk/analysis/cn-b...&contentID=10133 [this link opens with a subscription ad, article can be found by clicking on Companies, then Carillion] www.ramboll.co.uk/news/ruk/carillion-vic...roken-industry-model Sorry, the pages on the Ist link no longer seem to open up. The article briefly discusses the same points that are covered in the Ramboll article concerning Carillion's business model.