All Saints: Never Say Never Ever

Well, that's a turn up for the books and records. In a genuine breakthrough the headlining directors of A&M, acting for All Saints Retail Limited and its US subsidiary AllSaints USA Limited (ASUSA), have obtained recognition of a proposed CVA of a UK registered entity in the US and Canadian Courts. This is not the previously usual application of Cross Border Regulations 2006 whereby if 'Main Proceedings' were commenced under UK domestic law they could be exported to other jurisdictions which had signed up the the United Nations treaty, UNCITRAL. This is a CVA which landlords in North America will be less familiar with (although it looks as if they will be getting the full 'haircut treatment' fairly soon).  

In total, All Saints trades from 255 stores in 26 countries and employs more than 3000 people. Just after they announced the plan to educate the US in all ways CVA a spokesperson for the retailer said, “Applications to the US and Canadian courts have been made simultaneously with the launch of the ASUSA CVA, in order for the CVA to be recognised in both jurisdictions”.

Mind you, the retailer also said, “The following parties and creditors will not be compromised or impaired in any way by the CVA in North America: employees, suppliers, general unsecured creditors (other than landlords), secured lenders, tax claims held by any government unit or municipality, and parties to licences and contracts."

As they say in America (in a faintly Australian brogue), 'Cor blimey, Guv (love-a-duck), good luck with that!