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City Hall councillors have written off a firm s debts after it went bust
- Credit: Abigail Nicholsom
A Norfolk council has been forced to write off a fashion chain s debts worth more than £50,000.
Norwich City Council agreed to write off the business rate debts of Genus UK Ltd, the owners of the Select clothing stores after the company entered a corporate voluntary arrangement (CVA).
CVAs let a company in financial difficulty organise a voluntary arrangement to repay all or part of its debt over a fixed period of time.
A report to the council s cabinet said the write-off was worth £53,735.56, with the company having paid off just £839.83 of its debts.
City Hall councillors have written off a firm s debts after it went bust
- Credit: Abigail Nicholsom
A Norfolk council has been forced to write off a fashion chain s debts worth more than £50,000.
Norwich City Council agreed to write off the business rate debts of Genus UK Ltd, the owners of the Select clothing stores after the company entered a corporate voluntary arrangement (CVA).
CVAs let a company in financial difficulty organise a voluntary arrangement to repay all or part of its debt over a fixed period of time.
A report to the council s cabinet said the write-off was worth £53,735.56, with the company having paid off just £839.83 of its debts.
Norwich city history quiz 7. Norwich Market. Picture: DENISE BRADLEY
- Credit: Copyright: Archant 2020
A think tank, the chambers of commerce and a council leader have all warned the government not to take Norwich’s Covid recovery for granted.
A study by the Centre for Cities (CfC), an independent group aiming to improve the economies of the UK s largest cities, highlights the effect Covid has had on Norwich.
They have warned that without government support for people and businesses, Norwich could be at risk of being ‘levelled down’, which would have a knock-on impact on surrounding towns and villages.
CfC figures show 5.1pc of eligible adults in Norwich are now claiming unemployment benefits, up 2.6pc from last March and 15.1 per cent of workers are being supported by the furlough scheme.
Norwich city history quiz 7. Norwich Market. Picture: DENISE BRADLEY
- Credit: Copyright: Archant 2020
A think tank, the chambers of commerce and a council leader have all warned the government not to take Norwich’s Covid recovery for granted.
A study by the Centre for Cities (CfC), an independent group aiming to improve the economies of the UK s largest cities, highlights the effect Covid has had on Norwich.
They have warned that without government support for people and businesses, Norwich could be at risk of being ‘levelled down’, which would have a knock-on impact on surrounding towns and villages.
CfC figures show 5.1pc of eligible adults in Norwich are now claiming unemployment benefits, up 2.6pc from last March and 15.1 per cent of workers are being supported by the furlough scheme.