Date Published: 4th September 2014
GYG Exchange Limited which owns the Coal Exchange building situated in Cardiff Bay was placed into liquidation on 2 September 2014.
The board of directors convened meetings of shareholders and creditors to resolve to place the company into creditors’ voluntary liquidation. John Kelly, Nigel Price and David Hill, of business recovery and insolvency specialists Begbies Traynor, were appointed as joint liquidators.
A spokesperson for the directors of GYG Exchange Limited said: “There has been significant investment into this historic old building over many years. Unfortunately, in difficult market conditions and due to increasing holding and maintenance costs, the company has been unable to complete a sale to facilitate the proposed redevelopment scheme of this iconic building. The liabilities and contingent liabilities associated to the building continue to accrue and we were left with no alterative other than to liquidate the company.”
David Hill said: “This is a sad situation where a building of such historic importance has become a liability with no option but to disclaim the property to the Treasury Solicitor. Hopefully a solution to restore the building to its former prominence can be achieved at some point in the future.”
Mark is a Partner based in our Birmingham office, but covers the whole Midlands region. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined Begbies Traynor in 2005 having previously gained his ACCA qualification and now has many years restructuring and insolvency experience. He regularly advises directors, management teams and lenders of insolvency options across a range of different sectors and also frequently prepares independent business reviews.