Building firm ceases to trade

Photo: 20 blvd Princesse Charlotte, where JP Construction shared a 100 square-metre office on the ground floor
Photo: 20 blvd Princesse Charlotte, where JP Construction shared a 100 square-metre office on the ground floor

A building company registered in Monaco has ceased trading, leaving many clients out of pocket and very angry. JP Construction, registered at 20 blvd. Princesse Charlotte, as a Societe a Responsibilite Limitee, has laid off its workforce of about 100, many of them Polish, and no-one is working at the office it shares with another business after the company’s secretary left after having to face several angry clients.

One customer wrote on a local blog: “We cannot reach anybody from the company. PLEASE HELP, we are desperate. We have lost a lot of money!!!”

The company was run by John Olsen, and in May last year he was joined as a director by Peer Pedersen, according to an entry in Monaco’s official Journal on August 31, 2012. The fact that the company had capital of 15,000 euros means that creditors will not be able to claim for more than a fraction of the sums they are owed, which could run into several hundred thousand euros. The company had advertised extensively on a local radio staion.

According to reports in the French Press and court papers, Mr Olsen was involved in the running of at least two construction companies in France that were wound up owing substantial sums to clients. The fact that down-payments for construction work is normal practice in the building trade makes clients particularly vulnerable when a building company goes bust.

Today, no-one was answering the listed telephone at JP Construction (06 03 72 20 34) and emails were not being answered. A reliable source close to the affair told me that the two directors were today doing the necessary paperwork to wind up the company. It appears that many of its clients were Monaco residents with second properties in France.

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