Debts of almost £3m are to be written off as Liverpool Council looks to revamp the city’s markets.
After going into liquidation in 2019, Liverpool Markets Limited (LML) owed £2.8m to the city council and transferred market services back to the local authority. The council’s cabinet will now seek to write off that debt as it provides a new vision for Liverpool’s markets.
A report to senior councillors has outlined how it will use a bad debt provision written into the authority’s budget to write off the losses in the city’s account. The commissioners appointed to oversee the council said they were concerned by the ongoing overall cost to the public purse by the financial losses continuing to be experienced by the former LML markets.
