50 people lose jobs after MEPCO closes doors

Contractor MEPCO shut down its operations this week and approximately 50 employees at the company lost their jobs, according to the liquidators who took over the business on Tuesday.

At the time, MEPCO representatives said the company would keep its four other ongoing contracts with DECCO. Responding by email, MEPCO liquidator Kenneth Krys said, “The company is insolvent and unable to continue trading.” Mr. Krys and Christopher Smith have been appointed as liquidators.

MEPCO’s highest-profile project recently has been working on the condos at Dart’s new Kimpton Seafire hotel on Seven Mile Beach, but that contract ended abruptly in August. A statement from MEPCO called the quick departure an “amicable agreement” with Dart’s development company DECCO.

Mr. Krys said employees had been paid up until Tuesday, but will have to make a claim in the voluntary liquidation for severance pay.

“The company is insolvent and unable to continue trading.”

The company’s Facebook page boasts 150 employees in three offices: Cayman, Turks and Caicos and Tortola.

MEPCO, established in 2008, according to the company, works on mechanical, electrical, plumbing, fire protection and other building services.

Local businessmen Jimmy Laurenson and Michael Brown jointly owned the company.

Calls to company representatives were forwarded to Mr. Krys’s company, KRyS Global. MEPCO’s website displayed an “Offline” message Thursday, saying, “The site is down for maintenance. Please check back again soon.”

Mr. Krys said the liquidation applies only to the Cayman office.

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4 COMMENTS

  1. I wonder why Government don’t have claws in the Cayman Islands developers Laws , or is there’s such a Law ? That prevents a developer from coming into the Islands and starting projects and hiring that many people and up and leave them without employment , and no income , and no recourse . This sounds like what ever is happening is not effecting the Company anywhere else but Cayman .

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  2. Always sad when any business closes. No matter how big or small.

    Someone has perhaps put their life savings into opening that business and now has nothing to show for it but upset customers and angry employees.

    But unfortunately this happens all over the world and it is the way business works. The alternative is socialism and failing businesses propped up by the taxpayer.

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  3. Norman, ,
    I agree with one part of your comment , but what happened in the Cayman Islands don’t effect the other entities of the Company , that’s why they said that this Liquidation only applies to the Cayman office , then he says him and Mr . Dart Company separated amicable . If he had his life savings in this Company , why is it only effecting the Cayman office ? Why is MEPCO separating from DECCO amicable ? BUT not separating from all 50 employees amicable , they have to fight for whatever else they were entitled to . The 50 unemployed worker are big number of unemployed to turn loose on such a small unemployment Office .

    I personally don’t have any sympathy for the Company , but lots for the workers that are left unemployed , that why I say that government should have Laws in place to protect the workers when you employ that many people .

    Just look at this those 50 people might have been sole providers of 4 per family that’s 200 people that left without income to buy food . While a Company might have made all the money they wanted to make and move on to the next Island . Then who is left with the problems ?

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