Carillion: Has the worst of it just begun?
On 15th January Carillion collapsed, with devasting effects for many cash-starved contractors and firms awaiting payment from the Construction Giant.
Surprinsingly, the anticipated wave of administrations are yet to appear, despite the many stories of woe from out of pocket suppliers. Atleast, until last week.
Vaughan Engineering LTD entered administration as a direct result of the Carillion crash, and Sammon Construction was on the brink of failure too.
Aspin was also owed £800,000 by Carillion prior to entering administration.
These cases are likely just the tip of the iceberg. As Carillion forced suppliers onto 120 days payment terms, the full force of the failure may not be felt for some days to come.