Both TCCT and its subsidiary company, Torbay Coast and Countryside Enterprises Limited (TCCE), have now ceased to trade.
The directors having regard to the financial position of the Company, have decided to take steps to place it into creditors’ voluntary liquidation.
What is a CVL?
A CVL is a formal process used when a company is insolvent – meaning its liabilities are greater than its assets, or it cannot pay its debts as they fall due. Licensed insolvency practitioners (the Liquidators) are appointed by the Company to take control, sell the company’s assets, and distribute any proceeds to creditors. The outcome for creditors is currently uncertain.
This firm is assisting the trustees in this regard, and it is proposed that Lucinda Coleman and Nicholas Harris (partners the proposed Liquidators), will be appointed Joint Liquidators of the Company following a resolution to wind-up the Company being passed by its Trustees.
What happens next?
We are working with the trustees and directors, who remain legally in control of TCCT and TCCE until the proposed liquidators are appointed.
We are also in touch with Torbay Council about the future of the sites managed by TCCT, including Berry Head National Nature Reserve, Occombe Farm and Cockington Country Park.
Both PKF Francis Clark and the trustees are very aware of the sensitive nature of the TCCT properties and activities, and the legitimate public interest in them. We have been and are still doing what we can to facilitate the transfer of the TCCT properties as quickly as we can to minimise discontinuity and uncertainty.
What does this mean for creditors of TCCT?
The Statement of Affairs and associated documentation is being sent to creditors, together with a Notice of Deemed Consent in relation to the nomination of liquidators. This correspondence includes details of how creditors submit claims in the liquidation.
To enable efficient communication with creditors, we have set up a secure Portal. The Portal will be used to communicate future documents with creditors which will be made available for viewing and downloading when appropriate. The Portal also enables creditors to submit their claim in the Liquidation, provide supporting evidence, and bank details. Each creditor has their own login details for the portal which are detailed in their individual correspondence.
Once appointed, the Liquidators will provide creditors with further information including an estimated outcome for creditors in the liquidation.
What does this mean for employees and volunteers of TCCT?
Sadly, all employees of the trust have now been made redundant. In a statement, the trustees expressed their heartfelt thanks to TCCT’s staff, volunteers, supporters and the local community for their unwavering dedication to Torbay’s countryside and coastline over the past 25 years.
What does this mean for members of TCCT?
As the trust has ceased trading, all membership schemes have been paused. Members of TCCT, parking permit members and park and play members will have the opportunity to submit claims in the liquidation for any unused periods of membership.
Members of the Trust who held car parking permits are still able to use these until 8 December 2025. After this date, the car parking permit memberships are no longer valid. These car parks will still be available on a pay-as-you-go basis using the parking machines on site.
Please refer to the Trust’s FAQs for members, donors and supporters for more information.
What does this mean for tenants of TCCT?
At this stage, nothing has changed in respect of tenancies with TCCT. We will be communicating directly with tenants in due course.
Where can I find more information?
Torbay Coast and Countryside Trust has published a statement and frequently asked questions on its website here:
TCCT statement
TCCT FAQs for members, donors and supporters
If you are affected by the proposed liquidations and have questions not covered by the trust’s FAQs above, please use the contact details below:
We will respond as soon as possible.
Francis Clark LLP
