Are CVAs on the rise?

News of famous high street names, particularly in retail, and the restaurant sector entering into CVAs is commonplace. Government Insolvency Service figures record 102 CVAs in the first quarter of 2018, an increase of 18%. Whilst the retail sector is undoubtedly feeling the pinch, CVAs are potentially open to any company. The impact on the owners of property occupied by such businesses, can be significant and highly prejudicial.

What exactly are CVAs?

As Parliament debates the draft Withdrawal Agreement prior to the vote on 11 December, this week's Q&A looks beyond the headlines at the potential impact of the proposed Brexit deal on a number of specific topics, including what the Political Declaration tells us about the shape of the future EU/UK trade agreement:

Alternative Investment Funds

EU (Withdrawal) Bill may be passed by UK Parliament. Its purpose is to repeal the European Communities Act 1972 and, so far as possible, import EU law that would otherwise fall away into UK law

The Construction (Retention Deposit Schemes) Bill is expected to have its second reading debate

ENGLAND AND WALES PREVIEW OF 2018 January 2018 LEGAL GUIDE HERBERT SMITH FREEHILLS 01 page CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02 Brexit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Competition, Regulation and Trade . . . . . . . . . . . . . . . . . . 05 Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Dispute Resolution . . . . . . . .

The main themes to be considered by those in the financial services industry in 2018 will include increased regulation, protection of data, the push for transparency from Europe along with the ongoing uncertainty of Brexit. We have flagged some key dates to watch out for in the upcoming year.

EU requirement for national insolvency registers to be established in all Member States (Recast Insolvency Regulation 2015 ((EU) 2015/848))

Will Nevin Partner T +44 20 7466 2199 [email protected]

UK TIMELINE

Kevin Pullen Partner T +44 20 7466 2976 [email protected]

2017Q4 (Oct-Dec)

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for June 2017.

Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.

If you would like to consult this newsletter from past months, please click here.

European Union

The qualification of a right as a 'right in rem' (zakelijk recht), within the meaning of Article 5 of Regulation No 1346/2000 of 29 May 2000 on insolvency proceedings (the "Regulation") must be determined according to the law of the place where the asset concerned is situated and the right in rem must satisfy certain criteria set out in Article 5(2) of the Regulation.

If 2016 ended with more questions than answers as to how Brexit would take shape, 2017 began with at least a little more clarity.