Torbay Coast and Countryside Trust
Both Torbay Coast and Countryside Trust (TCCT) and its subsidiary company, Torbay Coast and Countryside Enterprises Limited (TCCE), have now ceased to trade.
The directors, having regard to the financial position of the company, have decided to take steps to place it into creditors’ voluntary liquidation.
What is a creditors’ voluntary liquidation (CVL)?
A CVL is a formal process used when a company is insolvent – meaning its liabilities are greater than its assets, or it cannot pay its debts as they fall due. Licensed insolvency practitioners (the liquidators) are appointed by the company to take control, sell the company’s assets and distribute any proceeds to creditors. The outcome for creditors is currently uncertain.
This firm has been assisting the directors in this regard. Lucinda Coleman and Nicholas Harris, partners at PKF Francis Clark, were appointed joint liquidators on Tuesday 9 December, following a resolution to wind-up the company being passed by its shareholders.
What happens next?
We are in touch with Torbay Council about the future of the sites managed by TCCT, including Berry Head National Nature Reserve, Occombe Farm and Cockington Country Park.
Both PKF Francis Clark and the trustees are very aware of the sensitive nature of the TCCT properties and activities, and the legitimate public interest in them. We have been and are still doing what we can to facilitate the transfer of the TCCT properties as quickly as we can to minimise discontinuity and uncertainty.
The liquidators have now agreed to hand back these sites to Torbay Council. The timeline for this is to be confirmed. New management arrangements for individual sites and services will be announced by Torbay Council in due course.
What does this mean for creditors of TCCT?
The statement of affairs and associated documentation is being sent to creditors. This correspondence includes details of how creditors submit claims in the liquidation.
To enable efficient communication with creditors, we have set up a secure portal. The portal will be used to share future documents with creditors. These will be made available for viewing and downloading when appropriate. The portal also enables creditors to submit their claim in the liquidation, provide supporting evidence and bank details. Each creditor has their own login details for the portal, which are detailed in their individual correspondence.
The liquidators will provide creditors with further information in due course, including an estimated outcome for creditors in the liquidation.
What does this mean for employees and volunteers of TCCT?
Sadly, all employees of the trust have now been made redundant. In a statement, the trustees expressed their heartfelt thanks to TCCT’s staff, volunteers, supporters and the local community for their unwavering dedication to Torbay’s countryside and coastline over the past 25 years.
What does this mean for members of TCCT?
As the trust has ceased trading, all membership schemes have been paused. Members of TCCT, parking permit members and park and play members will have the opportunity to submit claims in the liquidation for any unused periods of membership.
Car parking permit memberships are no longer valid. These car parks will still be available on a pay-as-you-go basis using the parking machines on site.
Please refer to the trust’s FAQs for members, donors and supporters for more information.
What does this mean for tenants of TCCT?
At this stage, nothing has changed in respect of tenancies with TCCT. We will be communicating directly with tenants in due course.
Where can I find more information?
Torbay Coast and Countryside Trust has published a statement and frequently asked questions on its website here:
Updates from Torbay Council can be found on its website.
If you are affected by the proposed liquidations and have questions not covered by the trust’s FAQs above, please use the contact details below:
- Creditor enquiries: If you are a creditor of TCCT or TCCE, please email [email protected]
- Employee enquiries: If you were an employee of TCCT or TCCE, please email [email protected] or phone 01623 203350
- General enquiries: For any other enquiries, please email [email protected].
We will respond as soon as possible.
Francis Clark LLP