Latest News Thu, Jan 14, 2021 10:31 AM
The Government has started legal proceedings to bar eight former directors of the collapsed construction company Carillion from top boardroom positions.
The Insolvency Service said it was seeking to disqualify the directors ‘in the public interest’ from acting as UK company directors.
The announcement by the new business secretary Kwasi Kwarteng was made on the eve of the third anniversary of Carillion’s collapse in 2018 with £7 billion of liabilities and the loss of thousands of jobs.
The Insolvency Service confirmed that on 12 January the secretary of state had issued company director disqualification proceedings in the public interest against eight directors and former directors of Carillion. This could mean they will be barred from company directorships and senior management positions for between two and 15 years.
Unite assistant general secretary Gail Cartmail said: “Carillion’s collapse was not a victimless white-collar crime as thousands of workers lost their jobs. If executives and directors had reported honestly on Carillion’s financial predicament, many of those job losses could have been avoided.
“We would like to see those responsible for the Carillion debacle to be charged and appear in court. Without a doubt Carillion had been trading while insolvent for some time before its collapse.
“The events behind the Carillion collapse demonstrated everything that is wrong with corporate law in the UK; a failure to act before a company collapses and very slow investigations.
“New business secretary Kwasi Kwarteng has injected a much-needed impetus into the Carillion affair, but needs to cast his net wider to clean up the culture of ‘bandit capitalism’ across the UK corporate environment with a strong system of regulation and enforcement.
“Only by taking much more robust action can shareholders, employees, customers and, more widely, the general public be reassured that collapses such as Carillion won’t be repeated. It was a stain on the UK’s corporate reputation.”
Featured News
A new report by the Association for Project Management (APM), the chartered...
Top 10 housebuilder, Keepmoat has partnered with Birmingham City University’s...
BUILDING PRODUCT LIBRARY - LATEST BROCHURES
FRAMESAFE FR A2 FIRE...
By Glidevale Protect
A Guide to Aluminium...
By F.H. Brundle
Handrailing & Balust...
By F.H. Brundle
RLG600 Access Floori...
By Kingspan Data & Floo...
RHG600 Simploc
By Kingspan Data & Floo...
BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS
Straightcurve® – headquartered in Australia, is renowned for high-end innovative garden edging,...
The Kingspan RLG600 raised access floor panel is intended for light office use and is capable of...
Kingspan RHG600 Simploc is the heavy grade floor system, capable of handling up to a 12kN/m2...
CONSTRUCTION VIDEOS - LATEST VIDEOS
Straightcurve® Product Range Overview - A Demonstration of Installation Ease
In progressive and dynamic business sectors, such as construction, it’s natural to be forward...
Decorative aluminium horizontal bulkheads more than 100 metres long have been supplied and installed...