Vol 18 (2021) - Issue 4

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Landlord’s Day in Court? Lessons Learned from the New Look CVA and Virgin Atlantic Restructuring Plan Judgments

Synopsis
In quick succession, the High Court dismissed a series of challenges and objections by landlord creditors to the proposed company voluntary arrangements ('CVA') in New Look and Part 26A restructuring plan ('RP') in Virgin Active respectively. The judgments contain many points of interest for practitioners (and much has and will be written about each of the judgments), but this article takes a more detailed look at what the judgments, read together, mean for the use of CVAs and RPs going forward. While the Regis judgment was also handed down recently, it largely follows New Look, so we focus on the latter for the purpose of this article.