Mon 15 Jan 2018
Carillion Plc
Carillion Construction Limited
Carillion Services Limited
Planned Maintenance Engineering Limited
Carillion Integrated Services Limited
Carillion Services 2006 Limited
All in Compulsory Liquidation
The Official Receiver has been appointed as Liquidator by the High Court on 15 January 2018.
A number of insolvency practitioners from PWC have been appointed as special managers of the above companies.
The companies will remain in liquidation and be administered by the Official Receiver however it is likely that the special managers will manage the ongoing trading activities and other affairs of those companies. The exact role of the special managers will be set out in the court order which appoints each of the special managers.
The position is complex and PWC will be acting as an officer of the court in the discharge of their functions.
PWC have set up a website to provide information to the employees and others impacted by the above liquidations however each party will need to assess their own position and seek advice which will best protect them as the circumstances of Carillion Plc’s failure unfold. Details can be found on the Insolvency Service’s website here: https://www.gov.uk/government/news/carillion-declares-insolvency-information-for-employees-creditors-and-suppliers
Such advice will consider the best way to legally protect your company’s interests and maximise your recoveries. The liquidation will impact on the contractual relationship which exists between you and those listed above and as such you will need to consider the rights and remedies available to you.
During these initial stages practical commitments will continue and you may be incurring additional liabilities by taking no actions. Steps will be necessary to limit those liabilities whilst not breaching any of your obligations or you will need to obtain firm commitments from the special managers that those liabilities will be met.
Our team of restructuring experts are able to provide advice to assist in your assessment and support in this difficult time.
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