Third party funded creditor CVA challenge
2 min read
Following creditor approval of Caffè Nero’s company voluntary arrangement (CVA), a landlord creditor (LC) challenged the CVA on the basis that it was unfairly prejudicial to landlords and for material irregularity during the CVA decision procedure. The challenge was funded by a third party who intended to take over Caffè Nero. The third party paid LC £100,000 to not withdraw their challenge nor accept a settlement without the third party’s consent.