Plug pulled on local electrical contractors

| 24/10/2016 | 6 Comments

(CNS Business): As many as 60 people could have lost their jobs after a leading electrical firm went bust. MEPCO, which was created in 2008 and owned by local businessmen Jimmy Laurenson and Michael Brown, is now in the hands of liquidators. Despite having a significant presence on the island and what appeared to be some lucrative contracts, sources told CNS that the people who have lost their jobs were given no notice and no severance; they will now have to wait and see what the liquidators dig up and wait in line behind the other creditors.

The company’s phone remained silent last week, and the website and Facebook page are ‘offline for maintenance’. Other sources, including some former employees, told CNS Business that the closure was “sudden and shocking”.

While it has been confirmed that Krys Global are the liquidators, requests for comment about the liquidation by CNS have remained unanswered.

The details of how the firm managed to go from one of the islands’ leading electrical contractors to bankruptcy is not clear but it is understood that the contractor fell into debt.

However, there were warning signs. Its contract with Dart’s construction firm, DECCO, at the Kimpton Hotel ended suddenly in August without explanation, and sources told CNS Business that the firm sustained significant losses on the contract. In addition, the firm is said to have had lingering liabilities and problems over the contract at the Walker’s building.

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Category: Construction, Local Business

Comments (6)

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  1. Anonymous says:

    Imagine the local owners of MEPCO will be out on there big fishing boats this weekend while the exworkers suffer without food and to make matters worse most of the workers were on permit and are now really in big problem

  2. Anonymous says:

    Anyone up for a trip to Costa Rica?

  3. Animaliberator says:

    I am a contractor myself and the one thing that is totally wrong is the notion that employees have to wait behind other creditors to hopefully get paid.
    The way it should be as to the pay out, if any at all:

    1. Employees.
    2. Remaining creditors such as suppliers etc.
    3. Remaining stake holders of whatever nature.
    4. Proprietors.

    The employees who actually make the money for the Company must come first.

    The liquidators will make sure of course that they will get paid first, as they control who gets what at the end.

    Very sad to see this happening.

  4. Anonymous says:

    AS long as the fat cats win they do not care at all. Give me that money honey!!!!!

  5. Anonymous says:

    Jobs now a days are being taken way to cheap just to secure a place. There are a lot more contractors just scraping by and not paying there workers for weeks on end yet this continues. All everyone wants is “the cheapest price” and who cares what or who suffers.

    • Anonymous says:

      One of the most serious problems – the end user is not held responsible legally or out of a sense of moral responsibility to employees of their contracted vendors. With virtually no lien laws suppliers and contractor employees are in a real disadvantage.

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