New Look entered into a CVA in September 2020 as a result of the trading difficulties experienced during the Covid-19 pandemic. It did so as part of a wider restructuring exercise, which also involved a scheme of arrangement of its finance creditors. The CVA is New Looks second, following a CVA in 2018.
The 2020 CVA was challenged by the New Look landlords in October 2020, and was progressed by the courts on an expedited basis. Lazari Properties 2 Limited reached an out of court settlement agreement with New Look ahead of the trial, and is no longer a party to the proceedings.
The landlords sought to challenge the CVA on the following grounds:
- the CVA proposal did not constitute a composition or arrangement within the meaning of sectio…
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/high-court-dismisses-new-look-cva-challenge
