Monsoon Landlords Win Challenge Over Creditors Arrangement That Cut Rents

Two Irish landlords of the liquidated Monsoon business have won a High Court challenge in which they claimed their leases to the women’s fashion stores remained in full force here despite a UK creditors arrangement, The Irish Times reported. Apperley Investments Ltd, Tailwind Investments Ltd and Martina Investments Ltd were landlords to the former Monsoon store on Dublin’s Grafton Street. RESAM Cork UC and RESAM Properties Ltd were landlords for the Monsoon store and the Accessorize store, both on Patrick Street, Cork. On Tuesday, Mr Justice Denis McDonald found that a UK creditors voluntary arrangement (CVA) was not entitled to be recognised here in relation to both landlords’ lease agreements with Monsoon companies. The court heard the total annual rent payable for the Irish stores was €735,000 and the CVA would effect significant reductions in rent for them. Read more