Enterprise Act aids Ciro Citterio restructuring
Trident Fashions, trading as Ciro Citterio, has taken advantage of the new Enterprise Act to reach an agreement to enter a company voluntary arrangement.
The clothes retailer was bought by Hilco UK Limited on 12 September, and then placed into the hands of administrators from Kroll five days later, as the ‘first step’ in a strategy to save the company.
Over three-quarters (84%) of creditors have agreed to the company voluntary arrangement, which sees Hilco pay a further £1.45m into the company.
The deal should see 30p in the pound rescued for unsecured creditors.
Kroll partner Andrew Pepper is delighted with the deal: ‘Trident was the first major company to be placed in administration under the new Enterprise Act, and the achievement of such a swift CVA is testament to the new light in which administration is being viewed – as a positive force for recovery.’