This year there has undoubtedly been an increase in the use of CVAs (Company Voluntary Agreements) as an alternative to the more familiar insolvency procedures of administration and liquidation and, as a result, CVAs have been very much headlining in the property press.
With well-known retailers, such as New Look, Mothercare, Poundworld and House of Fraser all putting forward CVA proposals, landlords and managing agents have had to get up to speed relatively quickly with how CVAs operate and the effect they have on their properties.
Many landlords accept that, in the right circumstances, there is a genuine place for CVAs and these can be a useful tool in preventing a tenant going into administration or liquidation. However in recent months there have been concerns raised in the property industry that CVAs are being used as a mechanism to dispose of underperforming stores at the expense of the landlord.
Elaine Petterson, a Partner in our real Estate team and Shirley Li-Ting from our Corporate team hosted a webinar in September to provide an overview of CVAs and when they can be used as well as some practical tips for landlords and managing agents.
Watch the webinar in full below.
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