Liverpool Council’s former economic development company is to go into liquidation four years after it closed down.
The local authority’s cabinet will confirm on Friday that it intends to liquidate Liverpool Vision Limited (LVL) following its closure back in 2018. The company was shut down after its functions and staff were transferred in-house at the council as part of a change-up led by then-Mayor Joe Anderson.
Established in 1999, Liverpool Vision was the first company of its kind to be established across the UK. It was instrumental in leading the physical transformation of the city with schemes such as Liverpool One and the arena on King’s Dock.
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Its website claimed that the company would allow Liverpool to “complete and accelerate the economic recovery and growth of the last decade and build a sustainable economy, which can compete more effectively in international markets.” Following the decision to close, the company finished trading in March 2019 and the council cabinet will now sign off on liquidating LVL and its subsidiary company Liverpool Land Development Company Limited (LLDCL).
According to the cabinet report ahead of Friday’s meeting, LLDCL is a dormant company with no assets and will not require a general Members Meeting for its liquidation. The report added: “Given both companies are no longer trading and have not been since 2019, it is considered that there are minimal risks associated with the proposed liquidation (such as risk of challenge to the liquidator, disputes between creditors, etc).
“Moreover, any outstanding issues in respect of grant conditions to which LVL was subject in respect of EU grant funding have been resolved to pave the way for a smooth winding up of its affairs.” LVL has cash assets of £500,000 which will be paid by way of a dividend to the council, as the only shareholder, upon completion of the liquidation of the company.
The plan has been supported by the commissioners overseeing the council according to the report. The expected timeframe for the liquidation of the company is 12 months and will be signed off by the executive group later this week.
