National Governing Body British Surfing Association Goes into Liquidation
Friday, 7th January, 2011 03:52:16 PM
Source: http://www.thisiscornwall.co.uk/news/National-governing-body-British-Surfing-...
The national governing body for surfing based in Cornwall has gone into liquidation amid financial troubles.
The British Surfing Association Ltd (BSA) based at Fistral Beach, Newquay, has been declared insolvent after its new executive committee members elected in July raised fears over its finances.
About 4,000 surfers are members of the organisation that was founded in 1966 to promote the sport.
A report from the liquidator is due to be released later this month and will reveal exactly why the company failed.
With the backing of Sport England a new company called Surfing GB, to be based at Newquay, has been formed to take over as the national governing body.
The vote in July by the membership of the BSA swept away the old regime and elected four new executive committee members who will now serve on the Surfing GB committee.
Geoff Swallow executive committee member for strategy at Surfing GB, said: "At the BSA there were financial concerns. There was an historical financial situation that had been developing over some years.
"The BSA has lost a lot of credibility with the membership over the years. It's now a quarter what it was two years ago."
Mr Swallow said the new organisation would honour commitments to members.
He said: "We are working hard to make sure there is a seamless transition."
Any assets owned by BSA Ltd will be distributed to its creditors. Surfing GB will now have to apply for grant funding from various organisations.
A statement from BSA Ltd read: "We believe that rather than just trying to wallpaper over the cracks of the BSA, a clean and decisive break and a new start is the best way of creating a firm foundation for the long-term future of the sport.
"Surfing GB aims to be the credible and effective national governing body for surfing in Great Britain."
Members of the BSA have been called to a meeting at the Carlton Hotel in Truro on Wednesday, January 19. After the meeting the creditors will meet at noon to review the liquidator's report.
The BSA statement added: "It (Surfing GB) will be accountable and transparent, and a model of good corporate governance and employment practice."
Surfing GB said that all BSA members' current third party insurance cover will continue until January 31 during the transition process.
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