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The past eighteen months have seen a marked increase in the use of the Company Voluntary Arrangement ("CVA") by retailers to reduce their lease liabilities and win the release of onerous parent company guarantees, with several high street names going through the process
Guarantees are widely used in commercial transactions to provide assurance to creditors that debts or other obligations owed to them are discharged fully in the event the principal debtor fails to perform
The recent English court decision in Goldacre (Offices) Limited v Nortel Networks UK Limited (in administration) 2009 EWCH 3389 (Ch) may be controversial and raises thorny practical issues, especially in relation to the restructurings of retail businesses
