Carillion plc, which has been involved with the HS2 rail link and renovation of Battersea Power station as well as thousands of other building projects, stopped trading on 15 January, owing billions to its creditors, including nearly £1 billion to its pension fund.
One of its subsidiaries is a Jersey-based company called Carillion Finance (Jersey) Ltd, which through a bond issue raised £170 million that was paid on to the plc.
The Jersey company shares a further £2.6 billion of debt with the wider Carillion group.
Nicholas Vermeulen and Christaan Van Den Berg of accountancy firm PriceWaterhouse Coopers have been appointed by the Royal Court to act as joint liquidators for the Jersey company, in what was judged to be an ‘urgent case’.
A spokesman for PWC said that the liquidators would try to recoup what they can for the bondholders.
‘The liquidator has been appointed by the court in broad terms to realise any assets that the company has,’ he said.
‘The purpose of the company was to issue bonds and the money from that was passed to the plc. The liquidators will try to recover what they can from the plc to pay to the bondholders.’
Jersey law firm Carey Olsen was appointed to advise on the appointment of the Jersey liquidators.
The registered address of Carillion Finance (Jersey) Ltd, which was incorporated on 7 November 2014, is 47 Esplanade, St Helier.
According to the Jersey company registry its office is provided by finance firm Crestbridge.
The application to wind up the Jersey company was made by Lee Mills, who is the group head of tax and treasury for Carillion plc.
Sarah Albon, chief executive of the UK’s Insolvency Service, recently said Carillion was made up of 326 companies, including 199 in the UK, with a total of 169 directors across the group.
