Decision details

Prior to consideration of this item, Councillor D Brown left the room.

The committee considered the report which sought approval to undertake the necessary steps with Equans Services Limited to liquidate Cheshire Energy Networks Ltd.

The committee noted that Cheshire Energy Networks Limited was a company that was incorporated on 27 February 2016 as part of a joint venture between Cheshire East Council and Equans Services Limited.

The company had remained dormant since incorporation.  With no future business activity envisaged, the joint venture shareholders (Cheshire East Council and Equans Services Limited) had discussed the liquidation of the company as it was no longer required.

A committee decision was required to enable the Directors and Officers to undertake the necessary steps to liquidate the company.

The committee queried the wording in paragraph 12 of the report, specifically the use of the acronym CEC, which appeared to suggest that the Council would make a self-referral of its own interest.  Officers clarified that whether referred to as CEC or the Council in this regard, it remained the case that the Council would carry out all related activities and retain full ownership of the interest in question.

The committee queried whether there had been a direct financial cost associated with establishing the arrangement, and now potentially dissolving it.  It was explained that while officer time had been involved in preparing the Statement of Accounts, there was no known direct financial cost.

RESOLVED (unanimously):

That the Finance Sub Committee:

1. Approve that Cheshire Energy Networks Ltd can be liquidated and that Officers and Directors are authorised to take all necessary steps to do so.

Following the vote, Councillor D Brown returned to the room.