Landlords fail in their attempt to force nominees to return their fees and in their bid to establish a meaningful precedent in their ongoing fight against CVAs (Re Regis UK Ltd)

Table of contents

• The background
• The decision
• Disclosure
• Statement of Affairs/Estimated Outcome Statement
• Voting
• Modification of leases
• 75% voting discount
• Treatment of critical creditors
• Relief

Article summary

Restructuring & Insolvency analysis: In a judgment handed down on Monday, 17 May 2021 in Re Regis UK Ltd, Mr Justice Zacaroli revoked an already long-since terminated company voluntary arrangement (CVA), but refused to order the former nominees and supervisors of the CVA to repay their fees and dismissed all but one of the applicant landlords’ claims of unfair prejudice and/or material irregularity; thereby thwarting their primary motive to create a meaningful precedent to inhibit the future use of retail CVAs. Matthew Weaver, who acted for the respondent nominees, provides a brief overview of the judgment.