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Coal Exchange Liquidation

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Ash

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Coal Exchange Liquidation

PostWed Sep 03, 2014 10:35 am

I'm not sure if this is good or bad news.

OWNER OF HISTORIC COAL EXCHANGE BUILDING PLACED INTO LIQUIDATION


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."
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RandomComment

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Re: Coal Exchange Liquidation

PostWed Sep 03, 2014 10:54 am

Not sure either. In the short term, it could lead to further deterioration of the building - and/or more bills for the council (who would have to take on all the maintenance and security costs if it wants to keep the building from deteriorating too much further). But perhaps it'll be easier to sell to a private developer now that it's free of debt? To blame "difficult market conditions" at the moment is a bit rich - they just didn't get their act together during the downturn to be able to turn things around quickly in the upturn. They were under-capitalised. Otherwise they could have took advantage of some cheap labour in the recession to get a lot of the external construction work done..

Jantra

Re: Coal Exchange Liquidation

PostWed Sep 03, 2014 12:57 pm

Ash wrote:I'm not sure if this is good or bad news.

OWNER OF HISTORIC COAL EXCHANGE BUILDING PLACED INTO LIQUIDATION


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."


maybe, but not by GYG. how they can say that with a straight face is beyond me.
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lucky

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Re: Coal Exchange Liquidation

PostMon Sep 29, 2014 3:30 pm

Save The Coal Exchange - public meeting on Thursday 9 October at Butetown Youth Pavilion, Dumballs Road (CF10 5FE) 5.30pm-7.30pm chaired by Stephen Doughty MP.
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lucky

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Re: Coal Exchange Liquidation

PostThu Oct 09, 2014 9:46 am

Apparently the Coal Exchange is on a list of the top ten endangered Victorian heritage buildings (I have no idea who compiles these things). Should give a boost to the meeting tonight.
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lucky

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Re: Coal Exchange Liquidation

PostFri Oct 10, 2014 11:31 am

The meeting last night was very well attended and full of ideas (some of which were, lets say, more grounded in experience and financial reality than others). A couple of commercial developers were there, lots of locals and lots of people who work or have worked in the building. The council people were helpful and very polite under fire. Consensus was that they need to set up a Preservation Trust to work with the Council, the banks who are owed money and Cadw and that this group needs to find the money for a desk survey (50kish), then the money for immediate shoring-up repairs (£500kish) and eventually the £5million needed to make the place basically useable for anything. Preserving the facade and main hall seem to be the non-negotiables and at least one of the banks has indicated that they might forgo their charge on the building if it is to be brought into public use again in any way. People interested in setting up the Trust have given their names to the MP who chaired the meeting (and did a very good job of coping with people who liked the sound of their own voices, but then he's probably had practice as a Whip) and if anyone here is interested too, just email or call Stephen Doughty MP's office. There was quite a bit of useful talk about the importance of the building as kick-starting a wider need for regeneration in the area above James Street.
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eric

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Re: Coal Exchange Liquidation

PostSat Oct 25, 2014 7:43 pm

the immediate shoring up repairs were the 5 million figure, the getting up and ready to go figure was 40 million!!
a lot of legs to run in this one.
did not think the private developers there were given a fair hearing really. costs here and the sustainability of any long term project were totally absent.
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lucky

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Re: Coal Exchange Liquidation

PostSat Oct 25, 2014 8:14 pm

Well, there were 3 groups going and the guy who identified himself as a private developer in ours got plenty of airtime and spoke quite a bit. Can't speak for the others.
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wizard

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Re: Coal Exchange Liquidation

PostSat Nov 22, 2014 10:32 pm

News on the Coal Exchange....a charitable company , limited by guarantee is to be imminently established to take things forward. Whilst this is not a huge 'financial' announcement, it is certainly most promising news ( and the best that can reasonably be expected given the current parlous state of affairs) for it potentially opens the door for the leverage of funds from public sources to enable progress to the future redevelopment. Fingers crossed.
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eric

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Re: Coal Exchange Liquidation

PostTue Nov 25, 2014 9:32 pm

leverage public sector funds wizard?
ideally yes, but lets be honest, those days are long gone
this needs compromise with a private developer to save it
otherwise it will likely be continued decline
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