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    Virgin activate restructuring plan
    2021-05-14

    The much anticipated judgement of Mr Justice Snowden in relation to a restructuring plan proposal (the “Plans”) made by Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited (the “Plan Companies”) was handed down on 12 May 2021.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Emma Pinkerton , Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Restructuring Plans - A powerful new tool for restructuring lease liabilities?
    2021-04-06

    Despite the scale of the pandemic and resulting build-up of Covid related rent arrears, currently estimated at around £4.5bn, business restructuring has been relatively muted. This is partly explained by the moratorium on forfeiture and other restrictions on landlords’ remedies, combined with unprecedented government financial support for struggling businesses.

    But rent arrears cannot be pushed down the track indefinitely. As restrictions are eased and focus turns to tackling this debt, business restructuring activity will no doubt intensify.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Julie Gattegno , Emma Pinkerton , Glen Flannery
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Court enforces ban on statutory demands before Bill is passed
    2020-06-05

    The government recently published its Corporate Insolvency and Governance Bill which includes a temporary “ban” on statutory demands. In its current form, the ban will prevent landlords and other creditors from relying on statutory demands served between 1 March and 1 month after the Bill becomes law. The Bill also includes provision to prevent the winding up of companies where their inability to pay is due to Covid 19.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Authors:
    Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Electronic signing in finance transactions
    2020-04-20

    1.Why use an electronic signature?

    2.What is e-signing?

    3.Is e-signing valid?

    4.What types of document can be signed electronically?

    5. Are there any restrictions/protocols relating to electronic signatures?

    6. What is the position with overseas entities?

    7. E-signing with a secure platform

    8. E-signing without a secure platform

    1. Why use an electronic signature?

    Filed under:
    United Kingdom, England & Wales, Banking, Company & Commercial, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Marianne Mudd
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Landlords given permission to appeal Court's decision in Debenhams CVA challenge
    2020-03-06

    Last September we reported on the Court’s decision on the landlords’ challenge to the Debenhams CVA on grounds of unfair prejudice and material irregularity, in respect of which the landlords have now successfully obtained permission to appeal on various grounds (see below).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Authors:
    Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Rent deposit deed: The order of priority of payments in an administration
    2019-12-18

    Judge Barber has considered the order of priority of payments in an administration and - more specifically - whether the Lundy Granite principle applies to both the rent payable once a company has gone into administration, and to the “top up” obligation requiring the company to replenish a rent deposit, where a landlord had drawn down on the deposit against unpaid rent (Re London Bridge Entertainment Partners LLP (in administration) [2019] EWHC 2932 (CH)).

    The Rules

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    High Court rejects landlord challenge to Debenhams’ CVA
    2019-09-23

    Following an expedited trial, the High Court has rejected an application brought by a group of landlords known as the Combined Property Control Group (“CPC”) to challenge the company voluntary arrangement (“CVA”) proposed by Debenhams Retail Limited (“Debenhams”).

    CPC challenged the CVA on five grounds. The judge in the case, Mr Justice Norris, held that four of the five grounds failed and directed certain “Forfeiture Restraint Provisions” be removed from the CVA as a result of the fifth.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    The High Court has delivered clear guidance on the “do”s and “don’t”s of CVAs
    2019-09-19

    The CVA challenge

    The landlords’ claim against the Debenhams CVA was put forward on five grounds:

    1. Future rent is not a “debt” and so the landlords are not creditors, such that the CVA cannot bind them

    REJECTED: The definition of “debt” is broad enough to include pecuniary contingent liabilities, such as future rent.

    2. A CVA cannot operate to reduce rent payable under leases: it is automatically unfairly prejudicial

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Julie Gattegno , Marcus Barclay
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Surveyors acting as LPA receivers: no breach of duty found where selling property to company connected with creditor
    2019-04-11

    A recent High Court decision considered the duty of Law of Property Act (LPA) receivers when selling secured property to an associated company of the creditor. The LPA receivers were chartered surveyors, appointed by the creditor in respect of a cider factory over which it had security and were alleged to have acted in bad faith by preferring the interests of the creditor over the interests of the debtor company.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    "When you find yourself in times of trouble, let it be": sales at undervalue when there's no way out
    2018-01-30

    The Inner House of the Court of Session has found that, where a business had no realistic prospect of continuing in existence, it was not appropriate to assess whether a property was sold at an undervalue by reference to a forced sale valuation.

    The Court’s judgment serves as a valuable reminder of some fundamental principles of insolvency law.

    The facts

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Court of Session
    Authors:
    Siân Aitken
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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