Powerhouse case clarifies CVA issues and offers some relief for landlords
Berryman, Kirsty
Powerhouse case clarifies CVA issues and offers some relief for landlords - 2007 - Property Forecast 10(5) May 2007, 14-15(2) .
Discusses "Prudential Assurance Co Ltd and others v PRG Powerhouse Ltd and others" ([2007] EWHC 1002 (Ch), L138112) which concerned the validity of a Company Voluntary Arrangement (CVA). Outlines the background to the case, how a CVA can be challenged in accordance with the Insolvency Act 1986 s6(1), key points from the decision, and the impact of ?Powerhouse? on landlords. Whilst the decision in ?Powerhouse? marks an important win for landlords and property investors, landlords should now consider how to protect their guarantees going forward.
COMPANY VOLUNTARY ARRANGEMENTS
INSOLVENCY ACT 1986 S6
PRUDENTIAL ASSURANCE CO LTD AND OTHERS V PRG POWERHOUSE LTD AND OTHERS
United Kingdom--
Powerhouse case clarifies CVA issues and offers some relief for landlords - 2007 - Property Forecast 10(5) May 2007, 14-15(2) .
Discusses "Prudential Assurance Co Ltd and others v PRG Powerhouse Ltd and others" ([2007] EWHC 1002 (Ch), L138112) which concerned the validity of a Company Voluntary Arrangement (CVA). Outlines the background to the case, how a CVA can be challenged in accordance with the Insolvency Act 1986 s6(1), key points from the decision, and the impact of ?Powerhouse? on landlords. Whilst the decision in ?Powerhouse? marks an important win for landlords and property investors, landlords should now consider how to protect their guarantees going forward.
COMPANY VOLUNTARY ARRANGEMENTS
INSOLVENCY ACT 1986 S6
PRUDENTIAL ASSURANCE CO LTD AND OTHERS V PRG POWERHOUSE LTD AND OTHERS
United Kingdom--