The High Court has rejected a landlord's challenge to the Caffè Nero CVA, giving support to the ongoing usefulness of CVAs in high street restructurings. The case raised issues around the use of the electronic decision procedure set out in the Insolvency Rules for CVAs, nominee and director decision-making during the CVA process, CVA modifications and provision of information to CVA creditors.

Background

Important changes to Italian bankruptcy law with particular respect to the composition with creditors (concordato preventivo) and restructuring agreements (accordi di ristrutturazione) have entered into force on 27 June 2015.