Economic climate claims another victim: BBSC to be wound up
Another construction company is closing down as the industry continues to reel in the Islands economic crisis.
Maintenance, construction, and HVAC company Bermuda Building Services Company is being wound up.
A spokesman for BBSC said it was a voluntary winding up as a result of the Islands recession.
The company has been suffering as a result of the economic climate and is not in a position to continue trading, the spokesman said.
A Supreme Court hearing is scheduled for this morning on the application for winding up of the company.
In addition, the company faces a writ against it, taken out last month by Argus Group/Somers Isles Insurance Company.
Bermuda Building Services Company was launched back in 2000 by Marshall Minors, the first Bermudian general manager of the Bermuda International Airport.
The company was involved in many major residential and commercial construction projects including work with reinsurers, schools and at the Bermuda Housing Corporation Orange Hole development.
Last week, a petition for the winding up of one of the Islands largest air conditioning and mechanical companies, GSC Ltd, was filed in Supreme Court. The petition was presented by GSC creditor Keen Ltd, a major highlift rental and electrical services company.
But a GSC spokesman told The Royal Gazette that the firm hoped to resolve and work through the matter, saying this is a challenging business environment where cash and credit are scarce yet critical commodities to every operation.
Last year a petition to wind up longtime building contractor Burt Construction was filed in Supreme Court, and there was also a petition for the winding up of Burrows Construction, the company behind Bermuda Public Storage.
And Biermans Concrete Products let go half a dozen workers; owner Michael Bierman describing the recession as the toughest hes seen in six decades.
At last count, more than 550 workers in the construction industry were registered with the Department of Labour and Training as unemployed.