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 in the Birmingham and Cheltenham offices. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined the company in 2005 and has over 10 years restructuring and insolvency experience. He advises directors and management teams across a wide range of sectors.