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.