Insolvency Service stops Directors Bonuses (apparently)
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Carillion
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Posted 3 hours ago #
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From the Guardian, Former Carillion chief executive Richard Howson has just resigned as a non-executive director at oilfield services company John Wood Group. so it's not quite the gravy train people on the last page made out.
Posted 3 hours ago # -
thatd be like paying £3 to join labour & voting for corbyn because itd mean no one will vote for them- Id suggest you look at cranberrys posts at the start of the corbyn megathread
That £3 has brought me a lot of laughs and not a little consternation at the stupidity of the nation's youth.
Posted 2 hours ago # -
then again, there is hope:
"After his success in galvanising support last summer, Mr Corbyn enjoyed a plus-20 popularity rating in Scotland only three months ago. The latest YouGov poll for The Times has found this has crashed to minus 3, a drop of 23 points since October."
Posted 2 hours ago # -
then again, there is hope:
For the middle aged who wish to pull up the drawbridge, yes.Posted 2 hours ago # -
That £3 has brought me a lot of laughs and not a little consternation at the stupidity of the nation's youth.
Oh man, that's weak.
Posted 2 hours ago # -
SKANSA, are already planning to reduce their head count, eg sacking staff 3000 jobs to go.
Quite a lot of smaller suppliers are now refusing to supply any carrilion based firm, and Interserve appear to have something going on.
Its going to be a very traumatic time for the construction world in the uk and their suppliers, one trade mag is advising supliers not to break into sites to seize their products, tools, equipment back, even if its not been paid for and probably never will
Posted 2 hours ago # -
so it's not quite the gravy train people on the last page made out.
Yeah im sure he is down the foodbank as we speak
Posted 2 hours ago # -
It’s not a gravy train Dragon?
Really?
Which bit proves it’s not a gravy train then?
1) still being paid a £660,000 salary for over a year by the company who’s bankruptcy you presided over?
2) changing the pay structure of the company you were about to bankrupt, so that you get to keep the enormous bonus’s paid to you while you were bankrupting it
3) jumping before you’re pushed from your next carriage on the gravy train because you’re last monumental multi-billion-pound-spunking **** up, which is now bankrupting small businesses all over the country, is now attracting some understandablely adverse publicity?
If you can just run through that for me. Extra points for pointing out his public-spirited dedication to industry and the British economy, and maybe his work for blind orphans, or donkey sanctuaries, or whatever....
At least he was spared the humiliation of having to give his knighthood back, eh?
He mustn’t have donated enough to party funds yet
Posted 2 hours ago # -
Stop press. Did I hear that bonuses have been stopped?
Oh my god! Won't someone think of their children? I'm going to set up a trolley alongside the foodbank one in my local Sainsbury's - I bet it fills up in no time. Non-perishables only folks please.
EDIT: Where's his nearest Cash Converters - looks like that watch might be going cheap.
Posted 1 hour ago # -
jumping before you’re pushed
I bet Wood Group more than clearly told him to leave..
Posted 1 hour ago # -
Wonder what his ‘compensation package’ is?
Another years six figure salary plus bonuses?
Posted 1 hour ago # -
1) still being paid a £660,000 salary for over a year by the company who’s bankruptcy you presided over?
This won't happen. Insolvency service will eventually (if they haven't yet done so) tell people the rules. Anything still o/s will be treated like other employees (at best).More likely directors will get not a lot and be reminded their obligations include working with the Official Receiver to recover assets etc - should be able to get them to do a fair bit of work for nothing. Used to do that in the days I worked in Insolvency / restructuring.
Posted 1 hour ago # -
not a bankruptcy
it's a liquidation
totally different
Posted 1 hour ago # -
Define ‘not a lot’?
Two directors who jumped ship when the profit warning was issued last July - who were on salaries of 660,000 and 425,000 respectively - have continued to be paid that salary up to this point, and would have been contractually obliged to up to October, and may still might! I’ll believe any ‘sanctions’ when I see ‘em! Not when some Tory says it’s going to happen
Wish I could scrape by on ‘not a lot’
But it’s definitely not a gravy train, right?
Posted 1 hour ago # -
No sympathy for howson and other board directors.
I've already posted that I worked for Carillion as an interim and my comments are a few pages back
BUT
Let's not lose sight of what really caused their demise - c£200million witheld payment/bad debt in quatar, delayed groudworks on aberdeen bypass - fixed price jv with substantial delay penalties, sandwell & liverpool hospitals - some of the problems could/should have been forseen, others not.
In my experience their scheme planning was robust but there was an increasing drive to minimise risk allowances leading to lower bid prices.
As for pension deficit - how few ftse100 companies are running a pension surplus?
I get it that it's a great opportunity to vent about......politicos, banks, big biz, the little guy taking tbe hit - and that's good but let's not make carillion whipping bots for a multiplicity of issues.Posted 1 hour ago # -
Anyone going to put their house on their not being some form of government/taxpayer bail-out then?
They’ll try everything for it not to referred to in those termst, of course, but you can see it coming a mile off!
Too big to fail
.... again
Posted 1 hour ago # -
Binners - it's likely that any fines imposed by the insolvency service will significantly outweigh the salaries/bonuses which you're frothing about.
Why not convert your animosity to carillion directors into support for the subbies who were reliant on carillion?
I worked with and knew some of them.Posted 1 hour ago # -
Ex finance director called in the auditors due to his concern.
Will post more details later; on a train with intermittent connectivity at present.Posted 58 minutes ago # -
it's likely that any fines imposed by the insolvency service will significantly outweigh the salaries/bonuses which you're frothing about.
Can you give some examples of when this has happened?Posted 35 minutes ago # -
Yeah, right.
Always happens that, doesn’t it?
I remember watching Fred Goodwin weeping as it was all taken away from him, and he was publicly brought to justice for his reckless arrogance, and made to realise the consequences of his actions
Oh.... no..... hang on a minute.....
Posted 33 minutes ago # -
It looks like Interserve may be in a spot of bother as well.
Yep
Also heard that on the grapevine.
Posted 29 minutes ago # -
I think Amey are a spanish company ?
Yeah, go Brexit !
Posted 19 minutes ago # -
When a company that size goes down, owing that much money, it’s like domino toppling. Mixed with Russian Roulette.
It’s just a question of who’s next. Because if you think this is the end of it, you’re either hopelessly naive or just thick.
All this has done is flicked the first domino
Posted 18 minutes ago # -
Yep, and it is a big domino.
The ripple effects are going to be huge.
Posted 5 minutes ago #
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