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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:

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