The company that helped bring Liverpool ONE to life is going into liquidation, four years after it closed.
Liverpool City Council’s former economic development company, Liverpool Vision Limited, closed in 2018 after its functions and staff were transferred internally to the authority as part of a change led by the mayor of at the time, Joe Anderson.
The cabinet of the local authority will confirm on Friday its intention to liquidate the company, reports the Liverpool Echo.
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Founded in 1999, Liverpool Vision was the first company of its kind to establish itself in the UK. He has been instrumental in the physical transformation of the city with projects such as Liverpool ONE and the King’s Dock arena.
Its website claimed the company would enable Liverpool “to complete and accelerate the economic recovery and growth of the past decade and to build a sustainable economy capable of competing more effectively in international markets”.
Following the decision to close, the company ended its operations in March 2019 and the cabinet of the council will now approve the liquidation of LVL and its subsidiary Liverpool Land Development Company Limited (LLDCL).
According to the cabinet report ahead of Friday’s meeting, LLDCL is a dormant company with no assets and will not require a general meeting of members for its liquidation.
The report adds: “Given that both companies are no longer in operation and have not been since 2019, it is considered that there are minimal risks associated with the proposed liquidation (such as the risk of a challenge from the liquidator , disputes between creditors, etc.).
“In addition, all outstanding issues regarding the grant conditions to which LVL was subject in relation to EU grant funding have been resolved to pave the way for a smooth liquidation of its affairs.”
LVL has cash of £500,000 which will be paid as a dividend to the board, as the sole shareholder, following the liquidation of the company.
The plan was backed by the commissioners overseeing the council according to the report. The expected time frame for the liquidation of the company is 12 months and will be approved by the executive group later this week.