Agenda item
YourCare (Croydon) Options Appraisal
Cabinet Member: Cabinet Member for Resources & Financial Governance, Councillor Callton Young
Officer: Interim Executive Director Resources, Asmat Hussain
Key decision: no
Decision:
The Leader of the Council delegated authority to the Cabinet to make the following decisions:
The Cabinet (acting, where relevant, on behalf of the Council exercising its functions as sole shareholder of YourCare (Croydon) Ltd) RESOLVED: To
1. Note the Shareholder review reports of YourCare (Croydon) Limited included in the background documents to the report.
2. Agree to closing down the activities of YourCare (Croydon) Limited. The company will cease trading and all assets to be settled in accordance with the liquidation process.
3. Agree to the appointment of an authorised insolvency practitioner as liquidator to take charge of liquidating the company.
4. To note as a result of the closing down of YourCare (Croydon) Ltd, the Council, as the company’s only creditor, will write off the accumulated trade debts of £189k and the loan of £81k including interest (total £11k) to the extent that these debts are not recovered as part of the liquidation process (as further explained in paragraph 6 of the report).
5. Delegate authority to the Interim Executive Director of Resources, in consultation with the Interim Director of Finance, Investment and Risk, and Interim Director of Law & Governance, to do all things necessary for the purpose of giving effect to the above recommendations, including acting as shareholder to complete relevant shareholder resolutions and give direction to the company.
Minutes:
The Leader of the Council delegated authority to the Cabinet to make the following decisions:
The Cabinet (acting, where relevant, on behalf of the Council exercising its functions as sole shareholder of YourCare (Croydon) Ltd) RESOLVED: To
1. Note the Shareholder review reports of YourCare (Croydon) Limited included in the background documents to the report.
2. Agree to closing down the activities of YourCare (Croydon) Limited. The company will cease trading and all assets to be settled in accordance with the liquidation process.
3. Agree to the appointment of an authorised insolvency practitioner as liquidator to take charge of liquidating the company.
4. To note as a result of the closing down of YourCare (Croydon) Ltd, the Council, as the company’s only creditor, will write off the accumulated trade debts of £189k and the loan of £81k including interest (total £11k) to the extent that these debts are not recovered as part of the liquidation process (as further explained in paragraph 6 of the report).
5. Delegate authority to the Interim Executive Director of Resources, in consultation with the Interim Director of Finance, Investment and Risk, and Interim Director of Law & Governance, to do all things necessary for the purpose of giving effect to the above recommendations, including acting as shareholder to complete relevant shareholder resolutions and give direction to the company.
Supporting documents:
- YourCare (Croydon), item 89/21 PDF 433 KB
- Background Document 1 - Leader Delegation 0417LR, item 89/21 PDF 35 KB
- Background Document 2 - Delegated Delegation DD390, item 89/21 PDF 53 KB
- Background Document 3 - Members presentation for the retail company, item 89/21 PDF 807 KB
- Background Document 4 - Office for National Statistics, item 89/21 PDF 2 MB
- Background Document 5 - Shareholder update Nov 2020, item 89/21 PDF 2 MB
- Background Document 6 - Shareholder Report (1), item 89/21 PDF 473 KB
- Background Document 7 - Shareholder Report (2), item 89/21 PDF 265 KB