Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: STEMO on 15 January 2018, 08:27:19
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Glad to see the government had the balls to let them fail. The public sector contracts will, obviously, be taken in house. But the rest of it will be liquidated, meaning banks and shareholders miss out. That’s the way it should work, in my opinion.
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One wonders just what the hell happened. My guess is downright bad management. Bad deals, arrogance and over confidence. I hope the Board of Directors will NOT be getting big payoffs, but they probably will.
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Cronyism at its best.
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my guess is pulling profit forward when the cash to support it was later in the contract cycle. If the expectations of profit then fall short, there is nothing left.
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As I understand it, as in business generally, it is simply all about cash flow and ensuring you are maintaining your margins throughout your business and are not overstretching your empire.
They have simply got that all totally wrong, and so no matter how the directors of Carillion paint the picture, complicating the story, and how politicians see it, this would have been the cause of the downfall. ;)
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As always , it'll be the small sub-contractor who's going to get shafted
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When I worked at KPMG (5yrs ago ish), we were their external auditors and I knew a number of people on the team.
This is not a new problem, the business has sailed close to the wind for a number of years. :-X