This chapter examines Carillion’s internal governance arrangements and the external oversight mechanisms—regulators, auditors, investors, and government—that failed to prevent its collapse. It argues that both structural flaws and systemic weaknesses in the UK’s corporate governance framework contributed to the company’s downfall. The chapter assesses whether Carillion’s case reflects isolated managerial failings or deeper institutional deficiencies, and outlines its structure: internal governance, external checks, systemic accountability, and concluding reflections.