On 19 September 2023
the Council agreed that:
1. Torbay Economic
Development Company be dissolved, with the Chief Executive
overseeing the practical arrangements for the same;
2. In further of 1. above,
the Chief Executive be given delegated authority to determine, in
consultation with the Leader of the Council;
a.
the transfer of subsidiary companies or component parts of the
business that undertake substantial external trading activity into
the Torbay Council Strategic Holding Company,
b.
the most effective arrangements for the holding of assets currently
held by Torbay Economic Development Company,
c.
agreement of appropriate indemnities that may be required
for non executive directors
and Board appointments should this be necessary during the
transitional period.
TorVista Homes a subsidiary company of the Torbay
Economic Development Company will be dissolved, in line with 2c.
above it is appropriate that indemnities for TorVista Homes non-executive directors and Board
appointments be put in place.
As such, the Council
has entered into a deed of indemnity in respect of all liabilities
arising out of or in connection with any proceeding brought or
threatened against the Director for negligence, default, breach of
duty, breach of trust or otherwise, or relating to any Application
for Relief, in connection with the Director’s acts or omissions
while in the course of acting or purporting to act as a director of
TorVista Homes or which otherwise
arises by virtue of the Director holding or having held such a
position and any claims arising.