Content

RESOLVED:
 
1.1.         
To approve that Brick by Brick Croydon Ltd be closed
down on a solvent basis as detailed under Option 1 of Section
8.

 
1.2.         
To delegate to Corporate Director of Resources (S151
Officer), in consultation with Director of Legal Services,
Corporate Director Housing and Director of Commercial Investment
& Capital to decide whether the Council under its Housing
Revenue Page 82 Account (HRA) and/or General Fund (GF) acquire all
or part of the remaining assets and liabilities of BBB if not
disposed within a reasonable time frame.

 
1.3.         
To delegate to Corporate Director of Resources (S151
Officer), in consultation with Executive Mayor, Lead Member of
Finance, Director of Legal Services, Director of Commercial
Investment & Capital to negotiate the sale of Brick by Brick
Croydon Ltd should an offer that improves the Council’s
financial position, against the winddown position, be received
before the proposed winddown date of the company.

 
1.4.         
To delegate to Corporate Director of Resources (S151
Officer), in consultation with Executive Mayor, Lead Member of
Finance, Director of Legal Services and Director of Finance to
enter into any final legal agreements on behalf of the Council as
Shareholder and/or Lender and make any necessary shareholder
resolutions, where relevant to give effect to the recommendations
and delegated decisions in this report as part of the winddown
process.

 
1.5.         
To delegate to Corporate Director of Resources (S151
Officer), in consultation with the Executive Mayor, Lead Member of
Finance, Director of Legal Service and Director of Finance to
approve the final loan principle write off amount, up to
£70m, at the point of winddown.

 
1.6.         
To delegate to the Corporate Director of Resources
(S151 Officer), in consultation with the Executive Mayor, Lead
Member of Finance, Director of Legal Service and Director of
Commercial Investment & Capital to issue letters to current
Directors requesting their resignations and to approve
indemnification of liability in line with the Outside Bodies
Protocol approved by Ethics Committee on 8th February
2023.

 
1.7.         
To delegate to Corporate Director of Resources (S151
Officer), in consultation with the Executive Mayor, Lead Member of
Finance, Director of Legal Service and Director of Commercial
Investment & Capital to appoint new Directors on the Board of
the BBB.