Andro MEP Services (T&C) Ltd, a Turks & Caicos company associated with Cayman’s Androgroup Ltd, closed down last week.
Alan Roffey, the sole director of Andro in Turks & Caicos said he instructed the company to cease trading as of 1 December.
Andro MEP Services (T&C) operated in the Turks & Caicos Islands since the mid-1990s.
‘The event has occurred as a result of trading losses incurred by the company whilst working as a sub-contractor to Diamond Construction Ltd., a Turks & Caicos General Contractor,’ Mr. Roffey said.
‘A dispute has arisen in the subcontract and it became clear that the company could not continue to operate in the circumstances.
‘As a result of this decision, I have instructed the local management of the company to advise me of any creditors, and/or other obligations or liabilities that the company may have.’
Mr. Roffey said he expected the company would eventually be able to satisfy its trade creditors in Turks & Caicos.
The events in Turks & Caicos will not have a damaging financial impact on the Androgroup Ltd. operations here in Cayman, Mr. Roffey said.