When a UK major supplier of outsourced public services, Carillion, collapsed in January 2018, it had liabilities of £7bn and just £29m in cash.
The government’s failure to assign the highest “black” risk rating to the financially distressed company in due time has resulted in the commitment of £150m of taxpayer money to services, such as school meals and hospital cleaning, in place of the now-bankrupt company.
Source: FT
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