UK construction giant Carillion will go into liquidation, leading to fears for thousands of jobs.
Talks with lenders to save the firm failed to come to a deal.
The company has 43 000 staff worldwide.
In the UK it has a series of contracts in the public sector - including in schools, prisons and the rail industry.
The UK government says it will provide funding for the public services which have been run by Carillion.
UK correspondent Olly Barratt says the company's collapse could have wide-ranging effects.
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UK correspondent Olly Barratt says the company's collapse could have wide-ranging effects.
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UK correspondent Olly Barratt says the UK government is now facing serious scrutiny on the issue.
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