The court appointed Ben Cairns, a managing director at consulting firm Alvarez and Marsal, and Carl Bowles, a senior director at the same firm, to oversee the winding up of J&P Overseas, which has been struggling since early this year.

Last week, the company said that challenging local market conditions, unfavourable final contract settlements, delays in contract receipts and limited financial resources to pursue new projects had led the company into collapse.

During the past few months, it said, it had been facing significant liquidity problems and had actively engaged with all its stakeholders in seeking to develop a viable solution that would allow it to continue trading.

“Unfortunately, a comprehensive restructuring plan submitted to the company’s lenders and developed with the assistance of professional advisors was recently rejected, which has left limited room for the Company to manoeuvre and meet its ongoing obligations.”

The decision to appoint administrators has been taken to protect the interests of creditors, employees and customers given the liquidity position across the J&P Group, it said.

Source: Cyprus Mail