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Creditors of Hurel Ltd (formerly R.G. Falla Ltd) say they've been told that there is no money left.
A series of meetings earlier today saw creditors of Garenne Investments, Rabeys Commercial Vehicles, Garenne Construction, and Hurel Ltd (formerly R.G. Falla Ltd) gather to hear information from the Joint Liquidators dealing with the collapsed businesses.
No one turned up as a creditor of Garenne Investments, while 20 turned up for the Rabeys meeting and 10 were there for the Garenne Construction one.
Around 50 people gathered to hear about the voluntary liquidation of Hurel Ltd (formerly R.G. Falla Ltd) - many of them representing well known businesses who would have once worked closely with the building firm.
Pictured: The creditors meeting was held behind closed doors.
Prior to the Hurel meeting, the Joint Liquidators told Express that members of the media were not allowed in, but that did not stop creditors speaking outside the meeting room.
One said that he was expecting to be told that he wouldn't be getting any money back but he was hopeful. Another said similar, while a third nodded in agreement.
The mood after the meeting was similarly negative.
Most people leaving did not want to speak, the majority looked dejected.
One creditor said it's likely that Hurel Ltd (formerly R.G. Falla Ltd) owed around £7.5million and that there is nothing left to repay anyone.
Another said that the liabilities are so large he was not expecting anyone to get anything back.
"It's a total s**t show," said one man leaving. Another said "someone has got a lot to answer for".
One man said: "I can't think of any words to say that wouldn't cause offence."
Among the businesses represented at the creditors meeting for Hurel Ltd (formerly R.G. Falla Ltd) were a number of well known names within the local construction industry.
Some of the creditors are long established businesses themselves, while some are more newly established firms.
Director of Education Nick Hynes was there but would not comment when approached by Express. A States spokesperson has since confirmed that Education is a creditor of Hurel Ltd (R.G. Falla Ltd).
Pictured: The Garenne Group went into voluntary liquidation on 31 March.
The Garenne Group was once a leading organisation in the construction sector with a number of companies operating within it in Guernsey, Jersey and the UK.
The collapse of Cameron's in Jersey seems to have sparked the collapse of the parent company. Cameron's went bust in February, with the Garenne Group going in to voluntary liquidation on 31 March.
Rabey's Commercial Garage followed soon after, with Garenne Investments, Garenne Construction and Hurel Ltd (formerly R.G. Falla) calling in the voluntary liquidators earlier in April.
Geormarine, AFM and Granite Le Pelley all left the Garenne Group through management buy outs.
Other businesses which were previously linked to the Garenne Group are also not affected by the voluntary liquidation process.
Pictured: Creditors of Hurel Ltd (formerly R.G. Falla Ltd) gathered for a meeting earlier today.
Geoff Jacobs and David Standish of Interpath Advisory and Linda Johnson and Leonard Gerber of KPMG Advisory were appointed as Joint Liquidators of the Garenne businesses on 6 April.
On 19 April they confirmed to Express that they were looking into the sale of assets belonging to Hurel Ltd (formerly R.G. Falla Ltd) prior to the firm going in to voluntary liquidation.
"For the avoidance of doubt, neither the Joint Liquidators, Interpath Advisory or KPMG Advisory were involved in the transaction," their statement said. "The Joint Liquidators’ focus within the Liquidation will be on assessing the transaction as part of their review into the affairs of the Company and considering if there are any actions that require to be implemented."
Liquidators investigating the sale of Hurel's assets
Garenne Group going into liquidation
Rabeys Garage going into liquidation – 27 made redundant
AFM confirms split from Garenne
Granite Le Pelley saved by Guernsey bosses
Garenne Group Chairman resigns
Major building contractor Camerons stops trading with immediate effect
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