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In the latest High Court decision relating to Company Voluntary Arrangements in the UK, the judge held that the Regis hairdressing group CVA should be revoked on the basis that it favoured shareholders at the expense of landlord creditors.
In recent years, retailers have increasingly used the restructuring mechanism of a Company Voluntary Arrangement (CVA) to reduce their lease liabilities (reducing rents, writing off arrears and closing stores) with a view to returning their business to profitability. Often, that seems to be for the benefit of their shareholders, finance creditors and trade suppliers at the expense of landlords.
It’s not news that the COVID-19 pandemic has exacerbated losses in sectors that are reliant on footfall − namely, the retail and leisure industry. Prior to the pandemic, the general.
Introduction
Since the creation of bitcoin by “Satoshi Nakamoto” in 2009, the number of crypto-currencies has exponentially increased to over five thousand. This is in spite of the cold reception from regulators in many jurisdictions, including Nigeria. In 2020, Nigeria generated over US$400 million worth of crypto-transactions, ranking third globally in terms of volume of crypto-currency trade. A potential implication of this trend, is the possibility of insolvency proceedings involving crypto-currencies or crypto-assets. The peculiar characteristics of crypto-assets are likely to pose unique challenges in such proceedings. This discourse examines some of these potential challenges, drawing lessons from some common law jurisdictions.