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 31st 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