Irish landlords to former Monsoon stores in Dublin and Cork have won their High Court claim that their leases with the fashion retailer remained in full force despite the existence of a Company Voluntary Arrangement (CVA) in the UK.

Background

On 3 July 2019, a CVA was approved in the UK by 84 % of Monsoon’s creditors. None of the Dublin or Cork landlords attended the meeting either in person or by proxy.

Today the Queensland Supreme Court held that an insolvent company’s environmental obligations under State law were unaffected by the liquidators’ disclaimer of related property and resource tenures. This decision changes the previous understanding of liquidators’ powers and the order of priority in which claims will be paid in a liquidation, and may have broader implications for insolvent companies that are subject to obligations under State laws.

Snapshot

In brief

The low oil price and limited capacity for oil and gas producers to further reduce operating costs is presenting challenges for producers of all shapes and sizes. In 2015 we expect that a number of producers will conduct strategic reviews which may lead to the sale of 'non-core' assets.