Why the bosses must pay for failed Carillion

“I work for Carillion – or at least the remains of it – and feel disheartened about what has happened because as the Government’s own phrase goes, I and many others ‘did the right thing’.

I’ve never claimed a penny from the state in almost 40 years at work and I’ve saved into various pensions, many of which will now be reduced in value. No one should be expected to lose a penny due to the incompetence of company directors.

Each time a firm goes bust and a hole is discovered in the pension fund, we are told: ‘There will be an inquiry’.

Regulators are seemingly useless and the so-called gold-plated element of final salary pensions is a myth.

This time, the state-owned British Business bank will step in, which seems to mean millions of taxpayers like me will pick up the tab. The perpetrators, always motivated by greed, should be made to surrender all wealth derived from the failed company, lose any titles they have been granted and be put on minimum wage.

I would also suggest community payback, with no prospect of a return to their previous status. However, it seems that there is no stigma or disgrace associated with their actions.”

Quote ends

The above is taken from a letter by Carillion employee, Michael Fell, to the Daily Mail newspaper. It appeared on Wednesday 7th February 2018.

As ever, it is PEOPLE AND FAMILIES, not businesses, which carry the cost of mismanagement and failure. Carillion’s debt to 30,000 suppliers (specialist contractors and others) is said to be one billion pounds.

As StreetwiseSubbie managing director, Barry Ashmore said in yesterday’s ‘Wise up Wednesday’ e-mail:

  • Carillion has impacted over 400,000 lives!
  • That’s 40,000 employees x (1 partner + 1.5 children) = 100,000
  • 30,000 businesses x say 4 people x (1 partner + 1.8 children) = 336,000

The actual number may never be known, but whatever it is, it’s a national disgrace!

There have been dozens of inquiries and reports into the state of Construction in the UK. It’s now time to have a full Public Inquiry, to learn from its findings and change the industry for the better.

Please sign up to our call for a Public Inquiry here:  https://goo.gl/qk6osw

 

 

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About Barry Ashmore

Qualifications Dip Law Dip Arb FClArb MCMi Year of Birth: 1954 Specialist Contractors Champion! • Chartered Institute of Arbitrators Panel Adjudicator • CEDR Accredited Mediator • Construction Contracts Consultant • M&E Specialist QS An experienced professional with an extensive range of commercial managerial and contractual expertise. Been in the construction industry all my working life. Started as am apprentice electrician at 16, worked my way up, estimator, engineer, contracts manager, general manager. Moved into dispute resolution in 1990! Worked for the biggest and then the best James R Knowles. Now heads up Ashmore Consulting, and most importantly StreetwiseSubbie.com Ltd. Extensive experience working at Director level, project managing, advising and acting on behalf of clients in matters relating to the resolution of disputes by way of negotiation, mediation, adjudication, arbitration and litigation. Straightforward advice given to clients, and wherever possible assisting clients to resolve disputes by negotiation, and avoid formal process. Style; can be as forceful as necessary when advocating, can use mediation skills to create the best possible prospects of a successful deal in an atmosphere of calm, positive determination - either way I'm focused on achieving the best possible solution for you. Barry can be contacted on 01773 715062 or 07815 193718 Email: barry@streetwisesubbie.com Web: streetwisesubbie.com

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