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The Times has reported an interesting story entitled, "Begbies Traynor predicts Christmas ‘hell for high street’". The piece contains an interesting take on CVAs. It notes, "Blacks Leisure was forced to close 89 stores and seek protection from its creditors through a CVA, an increasingly common insolvency procedure." That this procedure is increasingly coming to the fore is particularly noteworthy in light of recent comments on the procedure's use on this blog and elsewhere. The CVA procedure has been used productively for sometime in relation to High Street retailers and others. KPMG have been particularly prominent in the use of CVAs in recent years.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...