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Successful Conclusion to Chamber's CVA

Published 21st Dec 2010 by Rachel McDerby

The Mid Yorkshire Chamber of Commerce has concluded its CVA a year earlier than planned and with full repayments to all creditors who claimed.

The voluntary arrangement officially ended on December 13 when court-appointed joint supervisors filed a Certificate of Completion. 

When the CVA was agreed back in January 2010, creditors allowed the Chamber two years to pay back 78p in the pound.

Just a year into the arrangement and the Chamber has exceeded its original offer by paying the full debt back to creditors.

In an almost unprecedented move an extra 22p has been paid on top of the initial amount approved eleven months ago.  

Andrew Choi, Executive Director at the Chamber said: “We exist to protect the interests of business so it was only right and proper that we pay back the full amount.

“Pursuing a CVA was the responsible thing to do so that we could continue to support our members and fulfil our obligations to creditors.”

The Chamber still has offices in Halifax, Huddersfield and Wakefield. 

“We are committed to retaining a presence in each area so that we are accessible to businesses and can represent their interests locally,” continued Andrew. 

During the CVA-period the Chamber took steps to put in place a leaner structure so that they could focus on delivering membership services. 

This has proven to be a successful strategy and the Chamber has returned to profit.

The organisation has continued to provide export facilities that meet national standards set by the British Chambers of Commerce annually.

And they have maintained a lively networking and events programme as well as assisting more than 400 companies with the childcare vouchers scheme. 

David Horsman, Chamber Chairman, said: “I would like to thank our members and patrons who have continued to support us over the last year.” 

“I would also particularly pay tribute to Andrew, his team and the board of directors who have worked hard to ensure not only a satisfactory outcome to the CVA but the full restoration of the Chamber of Commerce.”


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