NI-based workers for construction giant Carillion are holding emergency meetings with unions after it was announced this morning that the firm has entered compulsory liquidation.

Thousands of jobs are now at risk as discussions between the company, its lenders and the government failed to reach an agreement.

An application was made to the High Court for a compulsory liquidation of Carillion earlier today, 15 January. An order has been granted to appoint the Official Receiver as the liquidator of Carillion.

The company has debts of £1.5 billion with a pension deficit of £600 million.

Carillion's Chairman, Philip Green, said: "This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years.

"Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future and the board is very grateful for the huge efforts made by Keith Cochrane, our executive team and many others who have worked tirelessly over this period.

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"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. We understand that HM Government will be providing the necessary funding required by the official receiver to maintain the public services carried on by Carillion staff, subcontractors and suppliers."

Between 200 and 300 people in Northern Ireland are employed by Carillion, which has a facility in Belfast's Titanic Quarter. The company has three major contracts with the Northern Ireland Housing Executive for home maintenance and gas installation. They also carry out work on behalf of Power NI.

Some 48,000 people worldwide work for the company, with around 20,000 of those based across the UK.

Jim Kennedy, Unite national officer for local government, said: "These have been a grim few days for this workforce. They will head into work today not knowing if their wages, pensions and even their jobs are safe.

"The administrator must provide reassurances on these to the workforce as a matter of urgency, and also that vital public services on which many depend will continue to be provided.

"One thing is evidently clear from this: there must be no business as usual for big business. There has to be an urgent inquiry into how a company that loaded itself with debt, which undercut competitors with unsustainable bids, which hoovered up vats of public money, and that had repeatedly alerted the government to its own financial shortcomings got its hands on so much of the public sector and taxpayers' cash."

(LM/MH)