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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: