Rabeys' creditors invited to meeting to appoint liquidators

Wednesday 19 April 2023

Individuals and businesses owed money by collapsed commercial vehicle business Rabeys have been invited to a meeting next month, where the financial state of the firm will be shared.

Both the Jersey and Guernsey sides of the business went into liquidation following the collapse of its parent company, Garenne Group.

It had initially been hoped that the Jersey company, Rabeys Universal Limited, could be purchased by an investor or investors, but talks failed and the business stopped trading on 11 April, with most of its 22 staff being made redundant.

Creditors attending the meeting – which will be held at St Saviour’s Parish Hall on 2 May at 10 am – will also be asked to appoint joint-liquidators Interpath and KPMG, the same team which is winding up all the Garenne Group companies which have gone under.

The highest profile of these was Jersey-based contractor Camerons, which stopped trading at the end of February, with work suddenly stopping at its two sites, the former Ann Court and the Merchants Square development in Bath Street.

The ‘statement of affairs’ shared with Camerons’ creditors at a meeting following its collapse showed that the firm had £7.635m of liabilities but only £163,000 available to pay secured creditors, which include staff, Social Security and the Tax Office, and no money to pay unsecured creditors, such as sub-contractors.

While some businesses have gone into liquidation, other former Garenne Group companies, including AFM and Granite Le Pelley, have been saved by management buy-outs or new owners stepping in.