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Miss Sixty in legal feud over CVA

Young fashion brand Miss Sixty is reportedly embroiled in legal proceedings with British landlord Mourant & Co Trustees.

Miss Sixty was rescued from administration via a Company Voluntary Agreement (CVA) last May.

A CVA allows a financially troubled company to reach a binding agreement with its creditors about payment of all, or part of, its debts over an agreed period of time, and therefore avoiding a collapse in to full administration.

However, as a result of the Miss Sixty CVA, Mourant Trustees was stripped of the right to ask Miss Sixty’s parent firm in Italy, the guarantor of two leases it had agreed, to pay what was owed by Miss Sixty UK.

Mourant Trustees has gone to the High Court and a win for the landlord could lead to a change in the law, making it more difficult for companies to achieve complex restrucutrings such as CVAs and controversial pre-pack administrations.

A decision is expected by the end of the month.

 

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