Carillion's demise was one of the most notorious failures of a major British company in the last decade.
"Its failings in subsequently managing them to generate profit was masked for a long time by a continuing stream of new work and… accounting practices that precluded an accurate assessment of the state of contracts." Greg Clark, the then business secretary, wrote to the Insolvency Service soon after Carillion's liquidation to seek an accelerated probe into the conduct of its former directors.
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