Despite the recent spate of company voluntary arrangements
(CVAs) in the retail sector, the figures showed a small drop in CVAs to 92 between April and June.
(Alliance News) - Shopping centre owner Intu Properties PLC has told Philip Green's Arcadia it will vote against the retailer's proposed company voluntary arrangement
, Sky News reported on Tuesday.
Last month, House of Fraser announced it was launching a Company Voluntary Arrangement
(CVA) - a move that a number of retailers have taken this year as the high street meltdown continues.
HMRC had petitioned in September for the company to be wound up because of the unpaid tax bill, and owner Nigel Russell's attempt to get creditors to come to a voluntary arrangement
(CVA) where they would receive around 45p out of every pound they were owed came to nothing.
Administration and voluntary arrangements
are available as formal restructuring tools and it may be that individual voluntary arrangements
will be needed for the partners, to protect their personal position as well as the firm.
Around a third of Payplan clients agree to a repayment arrangement, with six out of seven choosing Debt Management Plans (DMPs) and the remainder opting for Individual Voluntary Arrangements
"Gambling operators have a responsibility to help fund this, and it is very disappointing that the industry has so far failed to agree improved voluntary arrangements
to do this.
Shares in Debtmatters tumbled 65% yesterday, as the firm said "hardening creditor attitudes" had hit fees from individual voluntary arrangements
(IVAs), which allow debt-laden consumers to clear agreed levels of debt without going into bankruptcy.
I am therefore appalled by the current proliferation of debt management companies and so-called free debt advice services that are in fact bundling people into unsuitable voluntary arrangements
that provide high fees for those companies that promote them.
were introduced in 1986 as part of government legislation in order to provide people in financial difficulty with a second chance.
As a result of these negotiations a savings programme through lays-offs and voluntary arrangements
will be executed with a cost effect equal to 100150 man-months.