URL: https://moderngov.sutton.gov.uk/ieDecisionDetails.aspx?ID=4164

Decision Maker: Sutton Shareholdings Board

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose: To consider the exit plan for the closure of Encompass Local Authority Trading Company (LATC)

Content: To consider the exit plan for the closure of Encompass Local Authority Trading Company (LATC) The Chair thanked the Managing Director and the Chair of the Encompass Board for their work.   The Managing Director of Encompass introduced the report.   RESOLVED:   That the closure of Encompass LATC, as a reserved matter in the Shareholder Agreement, in line with the decision taken by the Board of Directors at Encompass LATC be approved.   That a Member Voluntary Liquidation (MVL) process to close the company be agreed.   That it be noted that the Chief Executive will use their delegated authority to sign the Special Resolution of the Shareholder to confirm a Members Voluntary Liquidation (MVL) and appoint an Insolvency Practitioner on a date in January 2025 to be agreed as set out in paragraph 3.10 of the report.  

Date of Decision: November 5, 2024