Company voluntary arrangement

Property lobby complains of CVA “abuse” as landlords challenge Caffè Nero

A British property organisation has urged the UK government to overhaul company voluntary arrangements, as Kirkland & Ellis was revealed to be advising on a challenge to British coffee chain Caffè Nero’s use of the procedure.

08 January 2021

Landlords to challenge New Look CVA in expedited case with wider implications

Four landlords are set to bring an expedited challenge against fashion retailer New Look’s company voluntary arrangement, the outcome of which will have important implications for UK companies and commercial trading, an insolvency judge said today.

02 December 2020

Centerbridge-linked funds set to challenge Steinhoff’s UK scheme

South African retail conglomerate Steinhoff has won court approval to convene two meetings for creditors to vote on its latest English scheme of arrangement – but funds controlled by distressed investor Centerbridge Partners are preparing to oppose it.

26 November 2020

Brown Rudnick, DLA Piper and Goodwin act on shoemaker’s PE deal

UPDATED: A host of law firms are advising 200-year-old British shoe retailer Clarks on an multimillion-pound Asian private equity investment, dependent on the passage of a “nil rent” company voluntary arrangement.

06 November 2020

UK court sanctions Pizza Express restructuring plan

British casual dining chain Pizza Express has secured court sanction of its restructuring plan, despite a challenge to its company voluntary arrangement whose approval last month was a condition of its overall rescue.

29 October 2020

ADGM: A commercially fair and efficient Middle Eastern regime

Alexander Wood, a partner at Shearman & Sterling in London whose firm advised on the establishment of the Abu Dhabi Global Market’s legal and regulatory framework, discusses why parties to regional restructurings and insolvencies should now consider the ADGM regime.

23 October 2020

Irish court refuses to recognise Monsoon’s English CVA

An Irish court has refused to recognise an English company voluntary arrangement for UK fashion retailer Monsoon Accessorize, finding Irish landlords should have been represented in the approval process.

21 October 2020

Pizza Express to hold UK plan meetings and seek Chapter 15

British casual dining chain Pizza Express is set to hold three creditors’ meetings on its UK restructuring plan and apply for Chapter 15 recognition in the US, following an English court ruling.

30 September 2020

New Look heads to Irish and US courts for restructuring

UK retailer New Look is facing opposition from landlords in its attempts to enter examinership in Ireland, as it seeks recognition of its English scheme of arrangement in New York.

30 September 2020

New Look to hold creditor vote on latest English scheme

A week after creditors backed its latest CVA, an English court has given UK retailer New Look permission to convene a single-class creditors’ meeting on an inter-conditional scheme of arrangement and seek recognition in the US.

23 September 2020

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