Any Carillon asset reclaim to pay monies owed to small business before large creditors
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Carillon, one of the UK’s largest employers, paid almost £1 Billion to small businesses in the form of subcontracting work, prior to its collapse on Monday 15th Jan. In addition, its payment terms of 120 days mean many businesses will not have recieved payment for work completed almost four months prior. (http://www.bbc.co.uk/news/business-42695661 for more information.)
The collapse of Carillon will impact numerous smaller subcontractors, who are likely to lose substantially more as larger creditors will be repaid first.
To protect small business in the UK, the Government should intervene and force the official overseer to instruct and enforce monies from any asset reclaim to be paid to small businesses before larger creditors. Large businesses are better equipped to deal with losses, and have access to a higher level of financial support from banks if needed. Small businesses often have less capital to protect them from these situations.
By completing this action, the Government shall be taking affermative action to protect small businesses over large ones.
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