Staff, members and creditors have been notified and it is anticipated that the company will be wound up through the process of Compulsory Liquidation.   
 
In a statement this afternoon, chief executive Colin Fox said the Chamber had been burdened with an historic legacy of debts that render it unable to continue.
 
The directors sought advice from a Licensed Insolvency Practitioner and had approved and were ready to propose a Company Voluntary Arrangement to members and creditors so that the Chamber could work to repay a proportion of its debts. 
 
However, the Chamber board had no alternative but to cease trading the company after the Chamber’s umbrella body the British Chambers of Commerce terminated Milton Keynes & North Bucks Chamber’s accreditation.
 
The company is now expected to be liquidated. the neighbouring Chambers of Bedfordshire, Northamptonshire and Thames Valley are to offer as much ongoing business support as they can.
 
A Chamber statement said: “There will inevitably be disruption to services but neighbouring Chambers will do their very best to minimise this disruption. Immediate support will be provided regarding international trade documentation to avoid any impact on members’ business continuity.”
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