UK News: British Land mounts legal bid to derail Monsoon rescue - PressFrom - United Kingdom
  •   
  •   

UK NewsBritish Land mounts legal bid to derail Monsoon rescue

18:21  05 september  2019
18:21  05 september  2019 Source:   news.sky.com

Holiday firm Thomas Cook agrees key terms of rescue deal

Holiday firm Thomas Cook agrees key terms of rescue deal Holiday firm Thomas Cook agrees key terms of rescue deal

Hundreds of pumps clearing water along 4km path in hope of avoiding need for scuba gear.

Monsoon Dervish is not about a sailing trip. It does not describe a journey from point A to point B. Its It was close to midnight, and several paddle boats silently landed , several powerful torches cut the Biting crosswind nearly knocked me off my bike as I mounted into saddle. Deep corrugation of the dirt

The FTSE 100 property company British Land is pursuing a legal challenge against a rescue restructuring of Monsoon Accessorize, the latest in a series of battles between high street landlords and struggling retailers.

British Land mounts legal bid to derail Monsoon rescue © PA Shoppers walk past a Monsoon store on Oxford Street in London

Sky News has learnt that British Land, which owns the Meadowhall shopping centre in Sheffield, filed a bid to block Monsoon's company voluntary arrangement (CVA) following its approval by creditors in July.

Under the retailer's plans, rents would be cut by between 25% and 65% across just over half of its 258 stores across the UK.

Setback in first legal challenge to UK govt's Brexit plans

Setback in first legal challenge to UK govt's Brexit plans LONDON (AP) — The first legal challenge to prevent British Prime Minister Boris Johnson from suspending Parliament has been delayed in a Scottish court. The Court of Session in Edinburgh refused Friday to take immediate legal action to prevent Johnson from suspending Parliament for several weeks during part of the period ahead of the Brexit deadline of Oct. 31. Judge Raymond Doherty, however, said a full hearing on the case will be heard Tuesday, raising the prospect that the government's move could still be blocked. He said there is no need for an immediate injunction because a "substantive" hea next week.

Monsoon (/mɒnˈsuːn/) is traditionally defined as a seasonal reversing wind accompanied by corresponding changes in precipitation

Very Very Break heart Poor Baby Kaya Nearly Die Before Rescued - Poor Baby Kaya Just to Rescued - Продолжительность: 11:43 CP Daily 4 604 078 просмотров.

British Land owns only five of Monsoon Accessorize's shops, but has been angered by various elements of the CVA proposals, including the structure of new funding provided by the retailer's owner, Peter Simon.

The property giant voted against the CVA, which was backed by over 90% of creditors, and is understood to have felt it had little choice but to launch a legal challenge.

It is said to have felt that Mr Simon had failed to listen to concerns expressed by landlords about the terms of other CVAs, which have been deployed during the last two years for companies including Carpetright, Mothercare, New Look and Toys R Us UK.

British Land mounts legal bid to derail Monsoon rescue © PA Monsoon Accessorize has just under 260 stores in the UK

A separate dispute between British Land and Mr Simon's private property company Adena relating to Monsoon's former head office is said to be unrelated to the CVA challenge.

Debenhams goes back into battle as Mike Ashley bankrolls landlord hoping to block its store closure plans at High Court this week

Debenhams goes back into battle as Mike Ashley bankrolls landlord hoping to block its store closure plans at High Court this week Debenhams goes back into battle as Mike Ashley bankrolls landlord hoping to block its store closure plans at High Court this week

Monsoon Children. Let's dance.

About Us Monsoon Forest Resort in Bandhavgarh National Park illumines conservation-based tourism. Monsoon Forest is just a 4-minute drive from the Tiger Reserve.

City sources said on Thursday that there remained a realistic chance of the CVA challenge being resolved before it reached court, and that hopes of such an outcome had risen in recent days.

Talks are ongoing between the two parties, they added.

The dispute makes Monsoon Accessorize the latest in a string of prominent high street names to face opposition to a rescue plan.

Debenhams is in court this week to contest a CVA challenge funded by Mike Ashley's Sports Direct International.

If the challenge is successful, Debenhams is likely to call in administrators for the second time this year, since it would be unable to afford the backdated rents that would be due at the pre-CVA rates.

Sir Philip Green, the Topshop tycoon, agreed to pay millions of pounds last month to settle a complaint made by two US funds about the terms of a restructuring of his Arcadia empire.

The businessman only secured approval for the Arcadia CVA after sweetening the terms in favour of landlords such as Intu Properties, which owns the Lakeside shopping centre in Essex.

A spate of high street insolvencies has underlined tensions between landlords and retailers, as changing consumer habits intensify the pressure on property-owners and their tenants.

The Monsoon restructuring does not include any plans for immediate store closures, while other retailers, including the footwear chain Office, have decided against using CVAs in an effort to strike a consensual deal with creditors.

Last month, Paul Allen, Monsoon Accessorize's chief executive, said he would step down after six years.

British Land and Monsoon both declined to comment.

Belfast court dismisses Northern Irish challenge against no-deal Brexit.
Belfast's High Court dismissed on Thursday a case arguing that a British exit from the European Union without a withdrawal agreement would contravene Northern Ireland's 1998 peace accord. The case is one of a series across the United Kingdom challenging Prime Minister's Boris Johnson's Brexit strategy. Johnson has said Britain must leave the EU on Oct. 31, whether or not it secures a deal on an orderly exit. Scotland's highest court of appeal ruled on Wednesday that Johnson's decision to suspend parliament for five weeks was unlawful and should be annulled, a verdict that will be appealed at the United Kingdom Supreme Court next week.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!