25000-30000 Carillion creditors to receive 1% of owed cash

Some 25 to 30-thousand creditors of Carillion, a large number of which will be small businesses across the country, have today been warned to expect in the region of 1p for every £1 owed, 1% of outstanding debt. This follows the news that the construction giant had less than £30m in cash compared with over £1.5bn in debts at the time of its collapse on Monday.

Many of the SMEs currently owed money by Carillion will find the coming weeks and months a major challenge. Suzannah Nichol, chief executive of UK Build, warned: "Previous construction collapses show that 17-18% of creditors do not survive the next five years.”  The Times reports multiple sites in Manchester and the North that have already closed, and one business owed £800,000 that is very unlikely to survive.

https://www.thetimes.co.uk/article/carillion-tens-of-thousands-face-losing-jobs-as-sites-close-6n7qwqcxn
http://www.telegraph.co.uk/business/2018/01/16/business-secretary-moves-fast-track-investigation-carillion/