Write Offs over £50,000 (Forward Plan Reference FP1073)
Exempt report of the Chief Executive on the write-offs of over £50,000.
Additional documents:
Decision:
(1) Cabinet agreed a non-domestic rates write off.
(2) Cabinet agreed a commercial rent write off.
Minutes:
Exempt report of the Chief Executive on the write-offs of over £50,000.
(1) The Decision Taken
RESOLVED:
(unanimous)
(1) Cabinet agreed a non-domestic rates write off.
(2) Cabinet agreed a commercial rent write off.
(2) Reasons for the Decision
There were two companies involved. The report set out the efforts made to recover the debts.
Business rate write-offs were required in respect of Thorns Group, and Peacocks. The Council’s share of this would be 40%.
The Council also has to write off commercial rent in respect of Peacocks as a Council tenant. The Council had to bear the full extent of this loss.
The write-offs were, in each case, covered by our previously established bad debt reserves, and it was felt that these reserves remain adequate. No further change to the General Fund was required.