Issue - meetings

To receive a report from the Deputy Chief Executive (S151 Officer) providing a progress update on the timetable and further actions required to enable the soft closure of 3 Rivers Development Ltd.

Cabinet had before it a report * from the Deputy Chief Executive (S151) Officer on 3 Rivers Development Ltd – Soft closure progress update

The Cabinet Member for Finance outlined the contents of the report with particular reference to the following:

·         Appraised Cabinet and the wider membership on the progress of the closure of 3 Rivers.

·         Mid Devon District Council are on track for the company to cease trading on the 31^st March 2024 and then an application for the company to be dissolved after the statutory period.

·         The recommendations enable the full closure of the company as directed by Full Council in a timely and most effective way.

RESOLVED that:

1.    Cabinet note the progress and milestones achieved and those that will be completed by 31/3/24.

2.    Cabinet resolve to dissolve the Company by way of Voluntary Strike off.

3.    Cabinet resolve to the disapplication of the requirement under the Articles of Association/Shareholder (Governance) Agreement to have three Directors, and that there be one Director in post for the purpose of dissolving the Company after the 31/3/24.

4.    The Cabinet Member for Finance be given delegated authority on behalf of the Shareholder to sign the final resolution(s) to close the company.

(Proposed by Cllr J Buczkowski and seconded by Cllr S Clist)

Reason for Decision:

To ensure the company is closed in accordance with the Companies Act 2006.

Note * Report previously circulated