Restructuring & Insolvency Bulletin - Spring 2018

Restructuring & Insolvency Bulletin - Spring 2018

Restructuring & Insolvency Bulletin - Spring 2018

Welcome to the spring edition of our Restructuring & Insolvency bulletin

So far 2018 looks destined to become the year of the company voluntary arrangement (or “CVA” for short). Rarely used by companies during the previous decade, the CVA now appears to be the insolvency process of choice for those companies which operate in the retail or casual dining sectors from a large portfolio of leasehold premises. The first quarter of 2018 has already seen several CVAs, including those announced by restaurant chains Jamie’s Italian, Byron and Prezzo, as well as retailers such as New Look. And towards the end of March, Carpetright became the first publicly listed company since JJB Sports in 2012 to announce plans to close stores through its CVA. Against this backdrop, please see our final article written by Tim Carter and Lucy Walker below in which they explore more fully the growing use of CVAs.

Looking beyond the CVA, in this bulletin we have selected a number of recent articles written by our Restructuring & Insolvency specialists which highlight various recent developments in this space. You can access these articles by clicking on the links below. As always, do get in touch with us if you would like to discuss any points arising from these articles – we always welcome constructive feedback!

And finally, if you like what you read, why not take a look at our sister publication for our Banking & Finance clients. Click here to read more.

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Contact our experts for further advice

  1. Non-executive directors beware - wilful blindness is no excuse!

    We are regularly instructed by directors of companies in financial difficulty who are seeking advice and reassurance about their role, how to properly discharge their duties and how to limit their potential exposure for any losses caused.   The... Read more
  2. An overview of the essential supplier regime: Key issues for insolvency practitioners

    Insolvency practitioners will be well accustomed to the difficulties of dealing with a company’s suppliers post-insolvency, but what if the supplies are critical to the turnaround or pre-pack sale of the company’s business? What powers do... Read more
  3. A unicorn that turned into a nag: the VE Interactive pre-pack and administrators' conflicts of interest

    Pre-packaged administration sales have aroused the interest, opprobrium and ire of many a politician and the press in recent times. It was only a couple of months ago that Jamie Oliver's upmarket Barbecoa steakhouses went into administration and the... Read more
  4. Court validates "bogus" appointment of administrators

    In Endersby and Coote v Astrosoccer 4 U Ltd (7 December 2017) , the High Court considered whether to make a retrospective administration order over a company that had been subject to an outstanding winding-up petition at the time when administrators were... Read more
  5. Government launches insolvency and corporate governance consultation

    On 20 March 2018, the Department for Business, Energy & Industrial Strategy, in conjunction with The Insolvency Service, opened a consultation which proposes a number of measures to improve corporate governance in companies that are in or approaching... Read more
  6. Stevens & Bolton LLP advises counterparties in the proposed administration of Conviviality

    In recent weeks we have been engaged to advise a number of significant contractual counterparties in light of the profit warnings issued by Conviviality Plc and its unexpected £30m HMRC tax liability, which falls due for payment today. Conviviality... Read more
  7. Pop-up shops for retailers

    S&B's Rebecca Walker and Helen Wheddon provide their expertise to retailers thinking of using pop-up shops. Please see their recent article published in FashionCapital.... Read more
  8. A Q&A on CVAs

      1. What is a CVA? A CVA is a form of insolvency process which allows a company to continue trading whilst it seeks concessions from its creditors. A CVA typically provides for a rescheduling of debts or reduction in payment to unsecured creditors... Read more

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