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    May - the month of the CVA challenge
    2021-05-28

    Earlier this month, judgments were handed down in the landlord challenges to two Company Voluntary Arrangements ("CVAs"), New Look and Regis. The challenge to the New Look CVA was unsuccessful, although permission to appeal to the Court of Appeal has been given. Whilst the Regis challenge lead to the revocation of the CVA, the majority of the landlords' arguments failed. These judgments provide important guidance on the use of landlord CVAs and their terms.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown
    Authors:
    Alexandra Wood , Nicola Hughes
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Another week, another judgment of the English court on a scheme of arrangement - this time, Amigo Loans
    2021-05-27

    The court found that it could not sanction the scheme, despite the requisite majority of creditors having voted in favour of it. The intervention by the FCA at the sanction hearing marks an interesting development in assessing the extent to which the regulator's views will be aired and considered.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, A&O Shearman, Financial Conduct Authority (UK)
    Authors:
    Sam Brodie
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    Corporate and commercial disputes update - May 2021
    2021-05-27

    In this issue:

    Welcome to our corporate and commercial disputes update, a new bi-annual publication in which we summarise some of the most significant cases over the last six months or so in the corporate and commercial dispute resolution market:

     

    Filed under:
    European Union, United Kingdom, Arbitration & ADR, Company & Commercial, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Litigation, Tax, Stephenson Harwood LLP, Bribery, Mediation, HM Revenue and Customs (UK), CJEU, House of Lords, Shell, Unilever, UK Supreme Court
    Location:
    European Union, United Kingdom
    Firm:
    Stephenson Harwood LLP
    Virgin Active's UK restructuring plans sanctioned following landlord challenge
    2021-05-27

    On 12 May 2021, in the first opposed cross-class cram down case, the English High Court sanctioned Virgin Active's restructuring plans, the first to bind landlords to lease compromises.

    The decision

    While the opposing landlords challenged the valuation evidence advanced by the companies, they did not advance evidence of their own. The court accepted the companies' evidence that:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English Court revokes Regis CVA - but landlords lose claim for repayment of fees
    2021-05-27

    On 17 May 2021, in the third of a trio of landlord challenge cases, the English High Court revoked Regis UK Limited's company voluntary arrangement (CVA) on one ground of unfair prejudice, but ruled against landlords seeking repayment of fees against the nominees.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English Court dismisses landlords' challenge to New Look's CVA
    2021-05-27

    On 10 May 2021, the English High Court rejected landlords’ challenge to the company voluntary arrangement (CVA) of fashion retailer, New Look. The New Look decision was the first in a trio of highly significant judgments focused on a distressed tenant's ability to compromise landlord's claims (our coverage of the Virgin Active and Regis decisions is available below).

    The challenge

    The landlords' challenge focused on jurisdiction, unfair prejudice and material irregularity as a result of the following:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Back to the drawing board for Amigo: FCA succeeds in challenging its proposed Scheme of Arrangement
    2021-05-26

    The Court (Mr Justice Miles) has refused to sanction a scheme of arrangement (the “Scheme”) between ALL Scheme Limited (the “Company”) and its creditors. The Company is an entity within the Amigo group of companies (the “Group”).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Financial Conduct Authority (UK)
    Authors:
    Julian Turner , Rebecca Hennis
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    3 ways that banks can adapt to survive and avoid their “Kodak Moment”
    2021-05-26

    Almost everyone knows the tale of Kodak. After over 100 years of market dominance in film and camera production, it was forced into bankruptcy in 2012 after Kodak’s management failed to understand the threat of digital photography on their business.

    A similar story befell Blockbuster. A market leader in the late 1990s, by 2010 its business was in tatters as Netflix and online streaming soared in popularity.

    Filed under:
    Ireland, United Kingdom, Banking, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, DueDil, Blockchain, Bankruptcy, Fintech, Artificial intelligence, Open banking, Coronavirus, HSBC
    Location:
    Ireland, United Kingdom
    Firm:
    DueDil
    The five key points arising from the Norwegian Air Shuttle examinership
    2021-05-26

    Earlier today, 26 May 2021, the final condition to the restructuring plan for the Norwegian Air Shuttle group was met, allowing the Examiner’s scheme to become effective: confirmation that the business has successfully raised 6bn NOK.

    Filed under:
    European Union, Norway, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, A&L Goodbody, Insolvency Act 1986 (UK)
    Authors:
    David Baxter , Marie O'Brien , Marsha Coghlan , Brian O’Malley , Mark Traynor , Maria McElhinney , David Berkery , Seamus O'Croinin , Andrea Lawler , Stephen Ahern , Keith Mulhern , Thomas Ryan , Patrick Fitzpatrick , Eoin Mullowney
    Location:
    European Union, Norway, United Kingdom
    Firm:
    A&L Goodbody
    Pre-pack Sales to Connected Parties The New Evaluator Process Considerations for Administrators and Purchasers
    2021-05-24

    From 30 April 2021, an administrator will be unable to complete a sale of a substantial part of a company's property to a connected person within the first eight weeks of the administration without either:

    • The approval of creditors
    • An independent written opinion (positive or negative)

    This alert considers the impact of the new regulations in practice, which apply to both pre-packs and post-packs that take place within eight weeks of an administrator's appointment.

    When is an evaluator's report required?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    John Alderton , Russell Hill , Devinder Singh , Mark Prior
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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