Decision details

Write off of debt in excess of £25,000

Decision Maker: Lead Cabinet member for Finance

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

It is recommended that the Lead Cabinet Member agrees to write off the debt of £40,383.18 in respect of Sven Investments Ltd.

 

All reasonable efforts to recover the debts have been attempted and have proved unsuccessful.  There is no likelihood of the debts being recovered and it is appropriate to write it off at this time to ensure good accounting practice.

Decision:

Authorise the write off of the debt as set out in the report dated 3rd February 2020.

Reasons for the decision:

All reasonable efforts to recover the debts have been attempted and have proved unsuccessful.  There is no likelihood of the debts being recovered and it is appropriate to write it off at this time to ensure good accounting practice.

Alternative options considered:

Option A - Proceed to reinstate the company, with a view to then winding up the company to realise the assets. Given the very limited value of the assets, and the costs involved in such action, there is very little prospect that the debt would be recovered by such action.

Publication date: 04/02/2020

Date of decision: 04/02/2020

Effective from: 12/02/2020

Accompanying Documents: