BusinessBusiness RecoveryDeloitte oversees property developer CVA

Deloitte oversees property developer CVA

Your Space set to gain agreement over CVA deal

AIM-listed property developer Your Space has appointed nominees from Deloitte
to oversee its entry into a CVA.

Daniel Butters and Bill Dawson of
Deloitte
will act as joint nominees for the CVA, which still await approval from
creditors and members of the group.

A dividend of 20p in the pound would be paid to unsecured creditors, with the
potential for it to rise to 40p if the group meets certain trading targets and
sells the property it owns.

The biggest secured lender Bank of Ireland has confirmed its support for the
CVA.
HMRC,
the largest unsecured creditor by value, has agreed to the deal, as well as the
main landlord.

“The use of a CVA will result in a greater return to creditors compared to
alternative insolvency procedures such as an administration or liquidation,”
said Butters.

“The growing use of CVAs demonstrates that in the appropriate situation
administration can be avoided.”

Voting will take place on 16 November at Deloitte’s Leeds offices.

Further reading:

HMRC seeks to put Southend United
into administration

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