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Amiante Limited: Outstanding Debt: Written-off

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A decision made 25 April 2014:

Decision Reference:  MD-T-2014-0038

Decision Summary Title:

Write-off of outstanding debt due from Amiante Ltd (“Amiante”)

Date of Decision Summary:

15 April 2014

Decision Summary Author:

Finance Manager

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Write-off of outstanding debt due from Amiante

Date of Written Report:

15 April 2014

Written Report Author:

Finance Manager

 

Written Report :

Public or Exempt?

Public

Subject:  The write-off of outstanding debts due from Amiante.

 

Decision(s):  The Minister approved the write-off of outstanding debts due from Amiante, totalling £46,754.

 

Reason(s) for Decision:  In 2012 Amiante incurred debts totalling £46,364 in relation to asbestos tipping fees relating to work up at the airport.  A further £390 was incurred in debt recovery measures in Jersey, making a total of £46,754 due.  A bad debt provision was made in 2013 against this debt in full.  A total of £600 was also incurred in pursuing this debt in the UK, and this was expensed in 2012.

 

Amiante are now in liquidation and the likelihood of recovering any debts is deemed to be nil, due to no assets.

 

Under the existing TTS Scheme of Delegation, the Minister is required to approve the write-off of debts in excess of £25,000.

 

Resource Implications: The proposed write-off will have no net impact on the 2014 figures, due to the provision made in 2013.

 

Action required:  The Minister to notify the Finance Director to write off the debt balance as set out above.

 

Signature:

 

 

 

Position:

 

Date Signed:

 

 

Date of Decision:

Amiante Limited: Outstanding Debt: Written-off

 - 1 -

 

 

TRANSPORT AND TECHNICAL SERVICES

 

WRITE OFF OF OUTSTANDING DEBT DUE FROM AMIANTE LTD (“AMIANTE”)

 

 

  1. Purpose of Report

To enable the Minister to approve the write off of outstanding debts due from Amiante, plus associated costs of recovery incurred to date.

 

 

  1. Background

Amiante, UK registered company number 03174116, was engaged in the removal of asbestos at the airport in 2012.  Over the period January to May 2012 Amiante incurred total debt of £46,364 in tipping fees.  A further £390 was incurred in August 2012 in debt recovery in Jersey, to no avail, making a total of £46,754 due. 

 

A bad debt provision was made in 2013 against this debt in full.  A total of £600 was also incurred in pursuing this debt in the UK, and this was expensed in 2012.

 

Amiante commenced liquidation in September 2013, and the likelihood of recovering any of the outstanding debt is deemed to be nil, due to no assets.

 

 

3.    Discussion

 

The Department is seeking permission to write off the full debt, totalling £46,754, as the likelihood of recovering any of the outstanding debt is deemed to be nil.

 

As the provision was made in full in 2013, this will have no impact on the current year’s figures.

 

 

  1.     Recommendation

The Minister is recommended to approve the write-off of the debt, totalling £46,754.

 

 

  1. Reason for Decision

Under the existing TTS Scheme of Delegation, the Minister is required to approve the write-off of debts in excess of £25,000.

 

 

  1. Resource Implications

The proposed write-off will have no net impact on the 2014 figures, due to the provision made in 2013.

 

 

 

 

  1.               Action Required

The Minister to notify the Finance Director to write off the debt balance as set out above.

 

 

 

 

 

Written by:

Finance Manager

Approved by:

Director of Finance

 

 

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