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The relevant provision can help avoid the need for separate, secondary insolvency proceedings and facilitates efficient resolution of cross-border restructurings.
The benefits of turnover rents are clear in this case and include:
While CVAs may not be an appropriate rescue mechanism in certain cases, underpinned by a considered turnaround plan, they can be a powerful tool able to be employed at short notice to avoid the impact of a full-blown insolvency.
CVAs—landlord issues and remedies (subscription to LexisPSL required)
Liability for business rates in insolvency (subscription to LexisPSL required)
For further information on LexisPSl and a free trial, click here
Elaine Nolan, Kate Stephenson and Kon Asimacopoulos, are partners in the European Restructuring Practice Group of Kirkland & Ellis International LLP
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