BVCMBrother Value Chain Management
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A report to councillors last week said any legal action against ex-trustees would be complicated by doubts over their identities, as BVCM does not have an updated list.
Council chief executive Geoff Paul said it was hoped talks between the authority and the remaining active trustees of BVCM would result in grants being secured to reduce the total debt to about pounds 30,000.
He said BVCM had attracted more than pounds 1m of investment to the voluntary sector, but had suffered from the severe withdrawal of funding to the sector in the region in recent years.