New Look CVA set for fast-tracked March trial

Retailer New Look’s disputed company voluntary arrangement is likely to go to trial in March. Creditors voted in favour of the restructuring agreement, which includes rent cuts, in September. In November it emerged that some of the landlords had lodged legal challenges to agreement. The trial date was discussed at a case management hearing held late on Friday (11 December) by High Court judge Clive Jones. Earlier this month Judge Jones ruled that the case should be expedited, or fast-tracked, in the interests of creditors and the company. He also suggested that the case could be divided into two, with points of law raised in a hearing in January and all other points heard in March. While the legal team for some of the creditors had backed the suggestion, Tom Smith QC, for the company, said that would not give them enough time. He said that having a hearing in January would be “very disruptive”, particularly as the case could raise “life or death” issues for the company. Judge Jones ruled that the case wasn’t currently suitable for a January trial. “This matter will have to be argued in full in March,” he said. However, he didn’t formally set a trial date and said that he was available for case management hearings. Photo © Jack Dredd/Shutterstock