Housing Action, a charity offering leasing schemes in Suffolk and Nofolk, has had to go into liquidation following reductions in its grant funding, according to a story reported in the Norwich Evening News.
Unsettling for landlords, councils and tenants alike the story shows the difficulties attendant on running leasing schemes without adequate gap funding. Jim Overbury, the Chief Executive, had been energetically pursuing further business in London at least, promoting the benefits of an all-in package for local authorities and landlords alike. The charity, currently said to be managing over 300 homes, was aiming for 650 by the end of next year.
The charity was still solvent but the trustees felt that the risks associated with continuing operations were too great. A joint statement from the liguidators and the charity is reported to have said:
The trustees sought appropriate advice and came to the conclusion that while the charity was not insolvent, the risks associated with trying to continue as a going concern were too great.