Local charity, SEWREC Ltd is to be placed in liquidation, following a decision by the organisation’s trustees to cease trading.
The Board of Trustees instructed Insolvency Practitioners at accountancy firm, Menzies LLP, earlier this month to assist them in placing SEWREC into liquidation. The charity ceased trading on Monday 19 November and its 18 employees were made redundant on the same day.
Notices of a decision procedure to appoint a liquidator are being issued to creditors this week and the Board of Trustees will formally place the company into liquidation on 17 December 2018.
Bethan Evans, insolvency partner based at the Cardiff office of accountancy firm, Menzies LLP, said:
“The charity is insolvent with insufficient incoming funds and outstanding debts. Based on this financial assessment and the duties of the Board, a decision was taken to cease trading and start the winding up process immediately.”
Sean Wharton, Chair of the Board of Trustees of SEWREC, said:
“Having witnessed first-hand the great work that has been undertaken at SEWREC, it is a great shame to find that the organisation is now insolvent. I am particularly sad that some trusted and respected colleagues have been made redundant.
“Whilst the winding up process is necessary and must go ahead, I very much hope that funding streams will allow some activities to be picked up where we have left off. It has been an absolute pleasure to work alongside my colleagues at SEWREC. We have some outstanding staff members and I wish them every success in the future.”
For more information about the liquidation process underway at SEWREC Ltd, speak to Natasha Abeyweera at Menzies LLP on 02920 447517 or email [email protected].
