Carillion bankers set up £225m fund to help subcontractors

Reuters

Carillion's collapse came after banks pulled the plug on the failing firm.

Unions also want protection for Carillion's agency and zero-hours workers to ensure they can recover unpaid wages.

Lloyds Banking Group (LBG) has unveiled a £50 million package to support its small business customers in Carillion's supply chain hit by its liquidation.

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Mr Cherry said that Carillion's collapse had highlighted the problem of late payments, which should be stopped "as a matter of urgency".

Business secretary Greg Clark said after the meeting: "It is essential that small businesses exposed to the Carillion insolvency are given the support they need by their lenders".

"The construction industry is the cornerstone of the United Kingdom economy so it's in all of our interests to do what we can to support these small companies and limit the domino effect that Carillion's demise could have".

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Mr Clark said that it was "an issue for the Official Receiver" to establish what proportion of Carillion's debts would be paid out to creditors once its assets had been realised.

This follows yesterday's news that more than 90% of the Carillion staff employed on private sector contracts will continue to be paid by Carillion's clients while its liquidation proceeds.

Josh Lee, joint founder of Ashby-De-La-Zouch-based Larc Construction says Carillion's collapse has wiped out everything he's ever worked for.

The government has already backed a "fast-track investigation" of the incumbent and former directors over their conduct, the Financial Times said.

"In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision".

The news has left construction workers on railways, construction sites, prisons, hospitals and schools desperately seeking information on how their jobs and pensions will be kept safe.

"The government is woefully failing people like me who were working on public projects", he told the BBC.

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