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Two insolvency experts have been appointed to wind up building firm Camerons, which went into administration last month.
David Standish from Interpath Advisory, and Russell Kelly and Leonard Gerber of KPMG Advisory, were appointed joint liquidators at a meeting of creditors on Monday morning.
The construction firm, which was established in Jersey in 1956 and sold to the Guernsey-based Garenne Group in 1993, stopped trading on 28 February, with all 45 employees being made redundant that day.
The company was working on two projects in Jersey when it collapsed: Merchants Square in Bath Street and Cyril Le Marquand Court in Ann Street.
A statement from the newly appointed liquidators said: “While Camerons had historically been profitable, the financial position of the company declined irretrievably in recent months as a result of various issues impacting the wider construction industry, including a sharp increase in material and supply chain costs which could not be accommodated within agreed contract prices.
“While other avenues have been explored by the board, including extensive discussions with certain customers and other potential funders, the only option available, given the circumstances, was to cease trading and take steps to appoint liquidators.”
Mr Standish, who is managing director at Interpath Advisory, said: “This is clearly a disappointing outcome for a long-established and highly regarded business.
“However, our immediate priority will be to assist Camerons’ employees and creditors to submit their claims in the liquidation and seek to realise Camerons’ remaining physical assets and contractual debtor balances.”
Mr Kelly, who is a Partner at KPMG in Jersey, added: “KPMG are committed to working with the directors and alongside Interpath to reach the optimum outcome for employees and creditors at what is a difficult time for all concerned.
“Camerons is a long-established Jersey business and was a significant participant in the local construction sector.”
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