The TMA Manchester & North West regional board are delighted to announce their first event for 2019. Our first event will focus on the role of the Company Voluntary Arrangement (CVA) in the turnaround sector.
Whilst legally an insolvency process, the CVA preserves the company via an agreement with its unsecured creditors to repay all or part of its debts over an agreed period of time. More recently, CVA’s have been used to agree forward-looking compromise agreements with certain classes of creditors, particularly landlords.
There has been a recent growth in the use of CVA’s as a rescue tool, particularly in the retail and casual dining sectors. High profile examples such as Homebase, Mothercare and Carpetright have thrown CVA’s into the spotlight, with many commentators referring to 2018 as ‘The Year of the CVA’. However, many have questioned the merits of the CVA process. On one hand they provide a flexible turnaround option that should optimise the outcome for a company’s creditors, but on the other hand they have been criticised for not treating creditors equally and allowing the real challenges facing a business to be papered over.
We are delighted to welcome Stuart Tait of Gateley Plc, Peter Crompton of KPMG LLP and Paul Greenhalgh of Duff & Phelps Real Estate Advisory Group as panellists for the event.
About the speaker/s
Stuart Tait - Gateley Plc
Stuart works predominantly in the North West and London and specialises in acting for debtors and for lending syndicates, banks, funds and other financial institutions in consensual and non-consensual restructurings, for investors in distressed acquisitions and for insolvency practitioners during pre-packaged and unplanned insolvency processes.
Paul Greenhalgh - Duff & Phelps
Paul is a managing director in the Real Estate Advisory Group at Duff & Phelps and is based in the Manchester office.
Paul is a chartered surveyor with over 10 years of experience in real estate valuation work, predominantly within the banking sector for secured lending, business support and recovery purposes. Valuation, asset management and strategic disposal advisory form the primary areas of Paul’s expertise. He is a trusted advisor to a number of institutions, providing secured lending advice as well as being a personally appointed LPA Receiver by several high street banks, challenger banks, peer-to-peer lenders and high net worth individuals. Paul’s appointments served vary in scale and value, including several high-profile, multi-million-pound assets and portfolios.
Peter Crompton - KPMG
Peter is an Associate Director within the Manchester KPMG Restructuring practice with 25 years’ experience advising both companies and their stakeholders and lenders. He is an expert in respect of CVAs having been a key advisor in recent high profile retail CVA assignments undertaken by KPMG (Blacks, JJB sports, Fitness First, Travelodge, Mothercare and House of Fraser). Peter was involved in writing the current statement of insolvency practice in relation to CVAs and is presently involved in its latest review.