Financial troubles at the top of British Surfing have led to the sports governing body putting its limited company into liquidation.

The executive committee of the British Surfing Association (BSA) has declared its limited company insolvent.

In a statement, the BSA said that all of its assets will be distributed to its creditors.

A new company called Surfing GB has been formed to take over as the national governing body for surfing.

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

Following the election of a new executive committee in July 2010 it emerged that the BSA was insolvent, leading to its limited company being put into liquidation in December

In a statement, the executive committee of the BSA said: "We believe that rather than just trying to wallpaper over the cracks of the BSA, a clean and decisive break and a new start is the best way of creating a firm foundation for the long-term future of the sport.

"The new governing body will be operational from 1 January 2011 and will be called Surfing GB.

"It aims to be the credible and effective national governing body for surfing in Great Britain."

All BSA members have been called to a meeting at the Carlton Hotel in Truro on Wednesday, 19 January.

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