Comment on Monarch Aircraft Engineering Ltd restructure
Evelyn Partners comment on proposed Monarch Aircraft Engineering LTD restructure and CVA.
We were appointed Joint Administrators under our former brand, Smith & Williamson.
Commenting on the company voluntary arrangement (CVA) proposal filed with the High Court in Birmingham on Wednesday 24th October 2018 by Monarch Aircraft Engineering Ltd (“MAEL”) Gilbert Lemon, restructuring partner at Smith & Williamson LLP and a proposed supervisor of the CVA, said:
“The CVA proposed by MAEL provides an opportunity for the business to restructure and achieve long-term success following a period of uncertainty after the collapse of the Monarch Group in October 2017.”
Gilbert Lemon added:
“At least 75% of creditor approval for the CVA is required for it to proceed. Detailed proposal documents will be made available to creditors via a dedicated website. The creditors will vote on the CVA on 9th November 2018. Smith & Williamson will spend the coming weeks in further talks with creditors to ensure they understand the full detail of the proposal.”
Note to editors
Smith & Williamson is an independently owned financial and professional services group. The firm is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, entrepreneurs and mid-to-large corporates. The group’s c1,700 people operate from a network of twelve offices: London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
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Smith & Williamson LLP
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International
The word partner is used to refer to a member of Smith & Williamson LLP.