Here, Mark Tempest, VWV partner in the Insolvency and Restructuring and Pharmaceuticals and Life Sciences teams, looks at the construction giant’s case in more detail and what pharma and life sciences should consider in order to protect themselves.
Rocket crash
Carillion's failure is likely to have a significant impact on the many businesses and individuals connected to it — from its employees, hundreds of sub-contractors and suppliers through to individual trades, and across a multitude of sectors. Its liquidation has left a trail of losses on big contracts and accumulated debts of over £1.5 billion. The ramifications will be felt far and wide, not just by those with a direct relationship but also by those who contract with and supply to those businesses, such as recruitment and marketing service providers.