Chamber puts deal on debts to members

Members of the Mid-Yorkshire Chamber of Commerce have been invited to attend a meeting on January 22 to ratify a deal to reschedule its debts under a Company Voluntary Arrangement.

The agreement would allow the chamber to pay off debts from future profits.

The Mid-Yorkshire Chamber of Commerce dates from 1875 and employs about 50 staff, in Wakefield, Huddersfield and Halifax. It serves businesses who pay a membership fee.

The chamber, which is part of a nationwide network, provides services such as international documentation for exporters and importers, training, and staging of events.

A chamber spokesman said last night: "There is no reason for customers or members to be alarmed. It is business as usual."

In a statement issued last month, the organisation said: "The board of directors of The Mid Yorkshire Chamber of Commerce and Industry Limited (MYCCI) can confirm that they are to propose a Company Voluntary Arrangement (CVA) to unsecured creditors with a view to obtaining their approval in the New Year.

"The directors have taken this step after careful consideration to allow MYCCI to continue to provide training and support services to the Kirklees and Wakefield areas.

"Having weathered the current recession, the directors are optimistic that a CVA will enable MYCCI to satisfy historic liabilities which have primarily caused its current financial position.

"Whilst there will be a small number of redundancies through this process, it is anticipated that job losses will be minimised."

The members' meeting will be held at the office of law firm Chadwick Lawrence in Wakefield.