16 January, 2018
This means the government will now be forced to provide funding to maintain Carillion's public services.
"In recent days, however, we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision", he added.
The demise of the 200-year-old business "poses a major headache for Theresa May's government, which has employed Carillion to work on 450 projects including the building and maintenance of hospitals, prisons, defence sites and the country's new superfast rail line", says Reuters.
"This would be the last thing we need in the NHS if Carillion went under and it impacted on patient care".
How was analysis of due diligence procedures incorporated into decisions to offer Carillion government contracts worth almost £2bn in total following the issuing of the company's first profit warning?
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Nearly half of them are in the United Kingdom, though Carillion has a presence also in Canada and the Middle East.
One minister said that it was regrettable Carillion could not find financing options amongst its lenders, but the taxpayer should not be expected to foot the bill for a company in the private sector.
Paul Nowak, deputy general secretary of the Trades Union Congress, said the Government needed to "guarantee jobs and services" amid uncertainty over the future of the firm and "explain how they let this mess happen". This will involve either transferring Carillion hard FM staff to a newly contracted company or to our own internal staff agency, as an interim measure to ensure work can continue and staff can continue to be paid.
Bernard Jenkin, Conservative Chairman of the House of Commons Public Administration Committee, said the collapse "really shakes public confidence in the ability of the private sector to deliver public services and infrastructure". The government will fund existing public services contracts.
Economy secretary Keith Brown said the Scottish Government has been working to manage or eliminate risks associated with Carillion's difficulties since July a year ago.
"In the meantime - as emergency meetings take place between officials - employees of Carillion, pension-holders and taxpayers will want assurances that financial protections are in place in the event the supplier experiencing further financial difficulties".