The British Surfing Association has been put into voluntary liquidation, owing 49,318 to its creditors.

The BSA’s major creditor is HM Revenue & Customs, which is owed 34,398 in unpaid VAT.

Insolvency practitioners Rogers Evans have estimated that up to 12,000 could be made available to pay off some of the company’s creditors.

A new company, Surfing GB, was formed on 1 January 2011, taking over from the BSA as UK surfing’s governing body.

The BSA has 19 creditors in total, including the Royal National Lifeboat Institution, Redundancies Payment Office and Gwithian Academy of Surfing.

It was founded in 1966 to promote the sport and represent the interests of all surfers in Great Britain.