David Pike and Jim Tucker were appointed Joint Supervisors of Severn Power Limited – under a Voluntary Arrangement (the ‘Company’) on 24 December 2020.
The voluntary arrangement has come to an end.
otice to creditors of change of termination date
Paragraph 10.11 of Part 1 of the CVA Proposal stated that the CVA will continue until the Supervisors have completed the implementation of the CVA in accordance with the terms set out in Part 3 and that the CVA will be fully implemented on the later of (a) payment of the Dividend and (b) settlement of any outstanding administration expenses.
We are pleased to confirm that the payment of the dividend has been completed and all compromised creditors that submitted a claim should have received their dividend. However, the settlement of outstanding administration expenses is yet to be finalised and we may therefore not be in a position to terminate the CVA as at 31 December 2021. We provide notice of the possibility that formal closure may not be complete by the end of December.
We anticipate that we will be in a position to send a Notice of Completion to the CVA creditors by the end of January 2022. If we are able to close out all matters earlier than this date, then we will do so and will send the Notice of Completion as soon as we are in a position to do so.