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Published 17 mayo 2021
Landlords have become used to the concept of the retail CVA over the past few years, but the new post COVID-19 breed of CVAs has been pushing the boundaries as never before. Further, a new restructuring option – described by some as a “CVA on steroids” – is now available to tenants courtesy of the recently enacted Corporate Insolvency and Governance Act: the s26A Restructuring Plan. Restructuring Plans enable companies, with the sanction of the Court, to impose new terms on creditors even in circumstances where not all classes of creditor have approved the plan.
Two Court decisions last week have underlined the ability of tenants to impose these processes on landlords and to effectively force through new lease arrangements without consent.
The use of CVAs and Restructuring Plans will only increase as the economic effects of the pandemic continue to bite and Government support for high street tenants is eventually withdrawn. These decisions are a stark reminder to landlords that their rights can and will be compromised by these processes, and that the scope for challenge going forward will be limited.
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