On 31st March 2021, shareholders voted to pursue the option to wind up the GBCSL and enable the BPPFF and Parish Council to continue with Pavilion project.
Since this meeting, we have been in contact with several insolvency solicitors to obtain advice on the best way to achieve the winding up whilst minimising costs incurred in doing so. In going through formal insolvency proceedings, given the added complexity of this being a mutual, would incur considerable cost (all quotes received have all been in excess of £7,500 + VAT).
To date, Aaron & Partners have very kindly been working on this pro bono for us. They are hoping to provide us with a process to follow, in line with the rules for mutuals, which would enable us to wind up the GBCSL without having to formally appoint an insolvency practitioner / administrator. In doing so, we would avoid this cost which would otherwise reduce the funds available to repay shareholders any of their investment.
Unfortunately due to the Coronavirus back log they have been incredibly busy and understandably there has been a delay in them being able to provide their advice on our case.
Until we have received their advice, no further action can be taken regarding assets or funds outside the usual running of the GBCSL accounts, (e.g. no asset transfers / sale of assets / shareholder funds returned etc).
We apologise for the delay, but hope you can understand that we are trying to avoid any further reduction in funds available to repay shareholders.
We will be in touch as soon as we have received further advice from our solicitors.
Many thanks, GBCSL