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David Standish from Interpath Advisory and Mark Russell Kelly and Louis Leonard Gerber of KPMG Advisory, were appointed joint liquidators following a meeting of creditors earlier today (27th March, 2023).
The company, founded in 1956, got into financial difficulties due to a combination of factors including a sharp increase in material and supply chain costs which could not be accommodated within agreed contract prices.
Although other options had 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.
The directors threrefore took the decision to cease trading on 28th February, with all 45 employees being made redundant.
David Standish, managing director at Interpath Advisory and joint liquidator, 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.”
Russell Kelly, Partner at KPMG in Jersey and joint liquidator, 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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