AIM-listed caravan retailer, Discover Leisure Plc’s is hoping creditors will
give the go-ahead to a company voluntary arrangement, allowing some breathing
space to carry on trading and avoid collapse.
Insolvency practitioners from KPMG are hoping to push through a deal which
will see Discover Leisure’s main trading subsidiary Signlease Ltd, enter into
Mark Firmin and Howard Smith, the CVA nominees from KPMG said: ‘The objective
of the CVA is to ensure that the company survives as a going concern.
‘If the CVA is approved, the business will be able to focus on restructuring
for future survival and success. It’s also well worth noting that the return to
creditors will be significantly better via the CVA route than it would be under
the alternative of administration.’
Last month, KPMG brokered
Sports’ successful CVA. The troubled sportswear company became the first plc
to win the arrangement.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation