After the news that the American parent company of Toys r Us had filed for bankruptcy in September, it comes as no surprise that Toys r Us UK Limited in the UK are struggling.
Toys r Us UK Limited are putting proposals to creditors for a Company Voluntary Arrangement (CVA). They will need at least 75% of the creditors to vote in favour of the CVA for it to go ahead.
However, the Pension Protection Fund (PPF) are demanding payment of £9m to secure the pension plan should the CVA fail. If that money is not forthcoming it is likely that the CVA will fail and Toys r Us UK Limited will slip into administration with the loss of some 3,200 jobs.
The vote is on Thursday 21 December ………….. watch this space!
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.
Redman Nichols Butler – celebrating 21 years in business!