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Restructuring and Insolvency Quarterly Newsletter
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.

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

David Steinberg and Lucy Walker look at a recent High Court case which serves as a timely reminder of the duties and responsibilities owed by non-executive directors. Read more

An overview of the essential supplier regime: key issues for insolvency practitioners

Tim Carter reviews the essential supplier regime under the Insolvency Act 1986 and considers what powers are available to office-holders to ensure suppliers continue to honour their contractual obligations when a company finds itself in an insolvency situation. Read more

A unicorn that turned into a nag: the VE Interactive pre-pack and administrators’ conflicts of interest

David Steinberg takes stock of the pre-pack sale of VE Interactive Limited and the potential for conflicts of interest to arise where administrators exercise their power of sale. Read more

Court validates “bogus” appointment of administrators

Tim Carter and Lucy Walker comment on a recent case where the High Court considered whether to retrospectively validate an administration order in respect of a company that was the subject of an outstanding winding-up petition. Read more

Government launches insolvency and corporate governance consultation

David Steinberg and Matthew Padian give a brief overview of the main features of the Insolvency and Corporate Governance Consultation launched by the BEIS earlier in March this year. Read more


There’s been quite a lot of recent press attention on the Conviviality saga and the acquisition of its wholesale division by C&C (the Irish company that also owns Magners cider) in a pre-pack administration. To find out more about our role in these developments, please click here.

Pop-up shops for retailers

Rebecca Walker and Helen Wheddon have written about how retailers can use pop-up shops to weather the storms currently faced by the embattled retail sector. To read this article which was first published in Fashion Capital, please click here.

A final word...

Tim Carter and Lucy Walker give their insights on the growing use of CVAs by companies as a method to achieve some breathing space. Read more

Tim Carter
Tim Carter

+44 (0)1483 734248

David Steinberg
David Steinberg

+44 (0)1483 401206

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