Ltd v New Look Retailers Ltd

A landlord-compromising company voluntary arrangement that reduces rents and varies lease terms is a valid 'composition or arrangement' within section 1 of the Insolvency Act 1986; differential treatment of creditor groups and modification of leases will not be unfairly prejudicial provided dissenting (landlord) creditors are no worse off than in the relevant comparator, namely the likely alternative of administration or liquidation.