Critics have said that Carillion should never have been awarded enough contracts to dominate the industry like it does, especially after the first signs of trouble were spotted by business watchers.
This includes ensuring that rail projects that Carillion is now working on - which amounts to around £150 million to £200 million - continue and that the supply chain is maintained.
CARILLION, the construction giant that built QA Hospital, has announced that it is going into liquidation.
"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".
"Unless told otherwise, all employees, agents and subcontractors are being asked to continue to work as normal and they will be paid for the work they do during the liquidations". 'What we don't want to see happen is the government to take on those contracts which are making a loss, while those contracts that are profitable are simply sold onto another company. Carillion contracts include major undertakings like high speed rail project HS2, Network Rail and hospital projects like the Midland Metropolitan Hospital and Royal Liverpool Hospital.
The meeting was brought forward as Downing Street grappled with the implications of the potential collapse of the group, which has numerous public sector contracts in the United Kingdom and employs 43,000 people, 19,500 of them in Britain.
Carillion's Chairman Philip Green said it was a "very sad day" for the company's workers, suppliers and customers.
There are also concerns about the £580m deficit at the company's pension scheme.
"We as the government will continue to pay the wages and salaries of employees working on those public sector contracts".
"There may or may not be some additional cost as a result for instance of the administrative team we've had to put in underneath the official receiver, which again we actually put in place in the company some weeks ago in order to prepare for this situation, a contingency".
Carillion said in a statement it "continued to engage with its key financial and other stakeholders, including Her Majesty's Government ('HMG'), over the course of the weekend regarding options to reduce debt and strengthen the group's balance sheet".
John Cronin, head of United Kingdom banks research at stockbrokers Goodbody, said the collapse "begs the question" as to whether Barclays will need to take a writedown in its upcoming results, although no public data on individual loan exposure is yet available.
"Incompetent in office, reckless with taxpayers' money, helpless with public services".