3. Mai 2023
Lending Focus - May 2023 – 3 von 6 Insights
The High Court has clarified the grounds for challenging a CVA for guarantee creditors.
Mizen Design/Build Ltd's (Mizen) directors proposed a CVA stating that this would lead to a better result for unsecured creditors than the likely alternative, administration. The CVA compromised guarantee creditors' ability both to bring a claim against Mizen and to call upon their performance guarantees against Mizen's parent company (the Parent Guarantor). Peabody Construction Ltd (Peabody), a guarantee creditor, successfully challenged the CVA on the grounds of material irregularity and unfair prejudice.
The Court held that:
Re Mizen Design/Build Ltd [2023] EWHC 127 (Ch)
To discuss the issues raised in this article in more detail, please contact a member of our Restructuring & Insolvency team.
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