Creditors of dozens of Carillion companies told they won’t get any money back

Unsecured creditors of 60 Carillion companies have been told they won’t get any money back following the firm’s collapse nearly eight years ago.

The £5bn turnover company sank into liquidation in January 2018 leaving thousands of businesses out of pocket.

In an update on dividend prospects by accountant PwC, creditors of 60 Carillion companies, including a number of its overseas divisions, have been told there is no chance of them recovering any of their losses.

But creditors of 23 companies have been given some hope with PwC telling them they can now register their interest in submitting a claim.

>> See also: Carillion Analysis: The fall of a titan

PwC, however, admitted: “Creditors should note the schedule is based on current information and any outcome for creditors is dependent on the value of the assets realised, the costs of realisation and administration costs of the liquidation estates.

“Therefore, this schedule is subject to change and cannot be relied upon as guidance as to the actual outcome for creditors and shareholders.”

At the time of its collapse, Carillion was the country’s second biggest contractor, having snapped up Alfred McAlpine and Mowlem several years before, and employed around 18,000 people.

In its last ever set of results, for the six months to June 2017, the firm posted a turnover of £2.5bn but made a pre-tax loss of £1.2bn.