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.