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Agenda

Agenda

Venue: Virtual Remote Meeting. View directions

Contact: Jane Di Dino 023 9283 4060  Email: Democratic@portsmouthcc.gov.uk

Media

Items
No. Item

1.

Apologies for Absence

2.

Declarations of Interests

3.

Victory Energy Supply Limited (VESL) pdf icon PDF 206 KB

Background

The agenda item before the Cabinet is an information item only and has been published in the interests of transparency.

 

The agenda item publishes the exchange of letters between the Directors of Victory Energy Supply Limited (VESL) and the Leader of the Council acting in the capacity of the Shareholder of the company.

 

It is the responsibility of the VESL Board to work in the interests of, inter alia, the Shareholder and Creditors and conduct its activities accordingly.  To date, the VESL Board has continued to pursue a sale of the company in order to receive a financial consideration for the Shareholder as well as a continuation, as far as possible, of the contracts with (and liabilities to) Creditors. 

 

The VESL Board has now concluded all discussions and negotiations with interested parties and believes that there is no certainty of a proceedable offer being made for the company at this time. 

 

The exchange of letters is to confirm that no further funding will be made available by the Shareholder to continue to maintain the company in a state suitable for sale.    

 

In the absence of any further funding from the Shareholder, the VESL Board will place VESL into a Creditors Voluntary Liquidation and appoint a liquidator to conclude the insolvency process.

 

Additional documents: