Pulling out the plug
Yandall, Paul
Pulling out the plug - 2006 - Estates Gazette (0620) 20 May 2006, 66-68(3) .
Examines how retailer PowerHouse recently deprived its landlords of owed rent by using a Company Voluntary Arrangement (CVA), a form of insolvency, to close 31 of its underperforming stores. A group of affected landlords has now been given leave to take the retailer's parent company Pacific Retail Group to court to get the CVA revoked. Discusses the serious implications for the property industry if this development becomes a precedent that could according to some industry experts jeopardise every facet of the business.
INSOLVENCY ACT 1986
United Kingdom--
Pulling out the plug - 2006 - Estates Gazette (0620) 20 May 2006, 66-68(3) .
Examines how retailer PowerHouse recently deprived its landlords of owed rent by using a Company Voluntary Arrangement (CVA), a form of insolvency, to close 31 of its underperforming stores. A group of affected landlords has now been given leave to take the retailer's parent company Pacific Retail Group to court to get the CVA revoked. Discusses the serious implications for the property industry if this development becomes a precedent that could according to some industry experts jeopardise every facet of the business.
INSOLVENCY ACT 1986
United Kingdom--