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The cost of renting has jumped to a record high of £1,007 a month, according to Rightmove. And some landlords are now demanding deposits of up to six months worth of rent.
Thursday, February 25, 2021
Following on from part 1 of our predictions for 2021 for the UK restructuring market part 2 looks at CVAs, directors duties and HMRC and insolvencies.
We had hoped to cover off everything in 2 parts, but 2021 looks to be a busy year so we will publish the final part of this series next week.
Company Voluntary Arrangements – the continued evolution of the CVA
CVAs dominated the headlines in 2019 and 2020 and will likely continue to do so in 2021, particularly in the retail and hospitality industry which have been hit hard as a consequence of COVID-19.
With many CVAs seeking to restructure lease portfolios we have seen the nature and structure of CVAs evolve to address criticism and questions of fairness raised by landlords. Changes have included up-side sharing mechanisms, such as profit and equity shares as well as a move away from provisions that seek to interfere with a landlord’s proprietary rights.
NEW figures reveal Edinburgh Woollen Mill went into administration owing north and west Cumbrian businesses more than £96,000. The data was filed as part of the firm’s administration process and details exactly where more than £51m was owed. Eden Systems, based at Warwick-on-Eden, was owed in excess of £55,000 when the accounts were filed at the end of last month. Not included in the above figure is £9,000 owed to Carlisle United and more than £120,000 to Carlisle City Council. Other standout figures, filed under the guise of Edinburgh Woollen Mill’s sister company Duvetco Limited show £9,240 is still outstanding to Hayton Hardwoods, based at Hayton.
Victory for Irish Landlords in Monsoon CVA Rent Disputes Thursday, December 17, 2020
The COVID-19 pandemic has exacerbated the problems faced by high-street retailers. Store closures during lockdown, changing consumer behaviour and the resultant loss of turnover and profits have caused many businesses to seek to reduce their rent payments. Company Voluntary Arrangements (“
CVAs”) have become fashionable tools for trying to secure such rent reductions. In this blog, we consider Judge McDonald’s ruling in
Apperley Investments Ltd & Ors v Monsoon Accessorize Ltd (Approved) [2020] IEHC 523 which sheds light on how CVA terms impacting property rights may be enforced on landlords outside the UK.