Before the pandemic, a popular way for businesses to cut their operational costs was through a company voluntary arrangement. In the space of a few years, a long line of retailers and other occupiers used CVAs to reduce rents...more
How do you improve the image of company voluntary arrangements? Start by reforming the voting rules. A recent research paper commissioned by the Insolvency Service concluded that property owners were “broadly” treated...more
The company voluntary arrangement (CVA) is an insolvency process that has raised significant concern amongst commercial property owners in recent years about their use by tenant companies to change lease terms, write off...more
The High Court has dismissed an application by a landlord creditor to overturn a company voluntary arrangement (CVA) implemented by coffee shop chain Caffé Nero. The CVA, previously approved by its creditors, compromised...more
The UK Government yesterday announced that it will proceed with the phasing out of temporary measures introduced to protect businesses from creditor action during the COVID-19 pandemic, whilst also announcing new measures to...more
In 2015, responding to mounting concerns about pre-pack administration sales, a set of voluntary industry measures were introduced to address the perceived lack of transparency and trust in the process – especially when the...more
10/8/2020
/ Creditors ,
Debtors ,
Governance Standards ,
Insolvency ,
Landlords ,
Real Estate Market ,
Regulatory Oversight ,
Regulatory Requirements ,
Transparency ,
UK ,
UK Insolvency Act
Long awaited insolvency reforms in the UK, plus the government’s COVID-19 proposals on the use of statutory demands – and much more....more
The English High Court has decided that collapsed retailer British Home Stores cannot challenge its own company voluntary arrangement as an unenforceable contractual penalty and must repay rental discounts to its landlords...more