In the latest High Court decision relating to Company Voluntary Arrangements in the UK, the judge held that the Regis hairdressing group CVA should be revoked on the basis that it favoured shareholders at the expense of landlord creditors
Today (19 September), following an expedited trial, the High Court rejected the application brought by affected landlords to challenge the CVA entered into by Debenhams Retail Limited.
The landlord applicants sought to challenge the CVA which closed stores and imposed rent reductions on landlords according to different categories. 'Category 5' landlords took the biggest hit with rents halved and early termination dates imposed. The CVA proposal was approved by Debenhams' creditors on 9 May 2019.
Five grounds were advanced by the landlords during the hearing:
Law360
Even if you haven’t purchased any bitcoin, you have likely heard about the cryptocurrency that was approaching $20,000 per coin late last year. The record high was quickly followed by a dramatic fall in value over 16 days in early 2018 — crashing to below $7,000. Since that time, bitcoin has been staging its recovery, and as of this writing, sits at slightly over $9,000 per coin. Not a bad place to be, considering bitcoin’s humble valuation of $.08 per coin back in 2010. It seems that despite its roller coaster persona, bitcoin is here to stay.
It is hard to peruse the internet or even mainstream media outlets without hearing about bitcoin. What is this ubiquitous bitcoin? It depends on whom you ask.
A CNN Money articled defined bitcoin as “a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.” The IRS has recently defined bitcoin as an “intangible asset” for investors, making it subject to capital gains and loss treatment using the realization method.
The last two months have seen two key appeals in which the court was required to decide whether the tenant of a particular type of building should enjoy the statutory right to acquire the freehold of a house. This right is enshrined in the Leasehold Reform Act 1967.
The properties, and the questions for the court in each case, were quite different. What the judgments had in common was a purposive approach to interpretation of the Act.
Several of the Official Bankruptcy Forms will be replaced on December 1, 2015. For creditors, the most notable changes will be to two forms: the Proof of Claim form, Form 410, and the Mortgage Proof of Claim Attachment, Form 410A. These changes reflect an effort by the Bankruptcy Courts to elicit a clear and complete picture of what the debtor owes and how much must be paid to cure a pre-bankruptcy arrearage. Due to the Bankruptcy Court’s focus on clarity, creditors are well advised to closely follow the claim forms and accompanying instructions.
It has been understood since the Hindcastle case in 1997 that a guarantor’s payment obligations under a lease survive disclaimer by an insolvent tenant’s liquidator. What has been less clear is how that works, given that the tenant’s obligation to pay rent dies when the lease is disclaimed.
The High Court of England and Wales handed down judgment last week in the case of Christine Mary Laverty and others as Joint Liquidators of PGL Realisations PLC and others v British Gas Trading Limited [2014] EWHC 2721. In an important decision for the insolvency industry, it was held that the statutory deemed contracts regime for gas and electricity supply could not be used by utilities companies to gain priority over other creditors.
A High Court ruling in England today has provided a significant clarification of the law relating to payment of rent as an administration expense.
In Leisure (Norwich) II Limited v Luminar Lava Ignite Limited (in administration), the Court confirmed that rent payable in advance prior to the appointment of administrators is not payable as an expense of the administration, even if the administrators continue to use the property. This means that the rent would not be given priority over other unsecured debts.