The ongoing fallout from Carillion's collapse is poised to have far-reaching consequences.
Britain's second-biggest construction firm went into compulsory liquidation Monday, when banks refused to lend it any more money, throwing hundreds of major projects in doubt. Critics have since called for the ensuing crisis to be reviewed.
Carillion employs around 43,000 people around the world and 20,000 people in the U.K.
The 200-year-old firm's work ranged from the HS2 rail project to military contracts and to maintaining hospitals, prisons and schools. CNBC takes a look at some of the joint ventures that may be most affected by Carillion's collapse.
Shortly after Carillion announced its compulsory liquidation, the Scottish government said contingency plans were in place for the contracts affected by the stricken firm.
"The terms of the contract are such that the remaining joint venture members, Balfour Beatty and Galliford Try, are obliged to complete the contract," Galliford Try said in a statement.
Further to the AWPR, Balfour Beatty was working with Carillion on two other contracts, comprising of operations on the A14 road in Cambridgeshire and a motorway contract in the northwest of England.
The financial impact for Balfour Beatty was estimated to be in the range of £35 million ($48 million) and £45 million, the company said in a statement. Joe Brent, an analyst at Liberum, told CNBC in an email on Monday that he anticipated an adverse cash impact at Balfour Beatty of around £40 million but "no material impact elsewhere."
In a statement, the international infrastructure group said it would continue to work with its customers and ensure it meets its contractual commitments.
Carillion is the parent company of CarillionAmey which works to maintain approximately 50,000 homes across Britain for the U.K. Ministry of Defence. The contracts are reportedly worth between £700 million and £1 billion.
And following Carillion's announcement it had been forced into liquidation, CarillionAmey told the BBC: "There is a considerable amount of press coverage regarding Carillion's current financial position, however, the impact on CarillionAmey's operations remains limited and we will continue to deliver services as normal."
Building services firm TClarke said Monday it did not foresee any negative financial impact on the group as a consequence of direct exposure to Carillion.
TClarke was working in a joint venture project alongside KBR as part of the Aspire Defence Contact in southwest England. In a statement, the firm said while a transitional period was to be expected, it would otherwise be "business as usual."
Carillion was working with Kier Group on the flagship HS2 rail contract in a joint venture with France's Effiage. The contract — which was awarded in July last year — was not projected to have any adverse impact on Kier, the company said.
The British firm also worked alongside Carillion on the Highways England smart motorways program.