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The UK-based construction and services firm Carillion went into liquidation in January 2018, with debts of over GBP1 billion, just GBP29 million cash in the bank, and a pension deficit of over GBP500 million. It caused a scandal that was political as well as commercial. Public inquiries and a review of UK-based auditors have been direct consequences. Causes of the collapse were high debt levels, a complex company structure and low margins on large public sector contracts. The Board did not respond to the overt warnings of a major shareholder three years earlier. Just 10 months before, the annual report had given an upbeat report on the company's position and prospects. The case study focuses on four dimensions: Strategic management - Carillion's strategy of growth through acquisitions funded by borrowing, was high-risk; Corporate governance - The board did not challenge executives over risk or debt; Financial accounts - Aggressive accounting hid liabilities, that were missed by auditors, and complacent assumptions around the valuation of goodwill were evident; Political risk - The scandal shook the assumption that private sector management was inherently superior, and nationalization gained public support in the UK.