Administrator releases statement on today's CVA rejection by ACL
Please see below a statement issued by administrator Paul Appleton following the rejection of his proposed CVA by ACL.
"At today's reconvened creditors' meeting, all parties except Arena Coventry Limited and HMRC accepted the CVA proposals.
"At the meeting held on Tuesday, ACL had put forward modifications that were not compliant with the terms of the Insolvency Act and Rules. This was explained to both them and their legal representatives at the time.
"The adjournment provided them with an opportunity to put forward modifications that were compliant with the law in order to make use of the time made available by the adjournment that they themselves proposed.
"However, despite being given this further opportunity, they declined. Accordingly, when asked whether they were in favour or not of the Proposals, ACL confirmed their rejection.
Therefore, the CVA has been rejected."