Difference between revisions of "Combined Property Control"

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:Landline: 0161 740 0116<ref>https://local.standard.co.uk/company/764639244189697</ref>
 
:Landline: 0161 740 0116<ref>https://local.standard.co.uk/company/764639244189697</ref>
  
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:Recently in the High Court landlords challenged the validity of the CVA (Company Voluntary Arrangement) that was approved for the High Street [[Debenhams]] retail chain. The store chain had announced that its restructuring plan based on the closure of 50 stores and rent reductions for up to 100 others. Major shareholder [[Mike Ashley]], owner of [[Sports Direct]], had sought to challenge the CVA after the board of Debenhams rejected his offer to buy the chain for £200 million. His shareholding was wiped out when the company went private as part of the rescue and restructuring deal, which was approved by 80% of its landlords. Although Ashley withdrew his own challenge to the CVA, he continued by backing a legal challenge from [[Combined Property Control Group]] (CPC) as landlords who owned several properties.
 
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According to CMS Law the five grounds of the CPC challenge were:
 
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*Future rent is not a “debt” and so the landlords are not creditors, such that the CVA cannot bind them;
 
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*A CVA cannot operate to reduce rent payable under leases: it is automatically unfairly prejudicial;
 
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*The right to forfeiture is a proprietary right that cannot be altered by a CVA;
 
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*The CVA treats the landlords less favourably than other unsecured creditors without any proper justification;
 
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*There is a material irregularity: the CVA fails to adequately disclose the existence of potential “claw back” claims in an administration.
 
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:Items 1, 2, 4 and 5 were rejected by the High Court, although item 3 was upheld, meaning that the landlord retains the right of re-entry and to forfeit a lease and therefore this right cannot be modified by a CVA. This means that if they choose to, landlords can take back their property, although in the current perilous circumstances in the retail sector it is questionable if this would be in their interests given the difficulties they might have in finding an alternative tenant and their liability for rates even when the property is vacant. The findings did however leave open the prospect of a challenge over the reduction in the rent value if it could be proven that it was below the current market value.<ref>A withers [https://www.k2-partners.com/2019/10/03/high-court-cva-clarification-for-landlords/ High Court CVA Clarification For Landlords] K2-Partners, 3 October 2019.</ref>
 
 
==Resources==
 
==Resources==
 
*https://www.irishtimes.com/business/retail-and-services/mike-ashley-funds-challenge-to-debenham-s-rescue-plan-1.4005233
 
*https://www.irishtimes.com/business/retail-and-services/mike-ashley-funds-challenge-to-debenham-s-rescue-plan-1.4005233

Revision as of 11:53, 3 December 2023

Combined Property Control is a vehicle for the control of a huge property empire run by 'secret millionaire'[1] Aubrey Weis and his family including especially Rachel Weis and Sir Weis. His right hand man appears to be Benny Stone who lists his role as 'property manager' at the entity. Combined Property control]] is not registered as a company or as a charity in the UK. It would appear to have no corporate form. In a court dispute with an insurance brokerage called Lockton it was claimed that Weis was not as he had claimed pursuing the case as a 'sole trader'. Lockton 'disputed that Weis was pursuing the claim as a sole trader, stating that it had dealt with a number of employees in his various companies, including Elcombe which it said owned the Golden Triangle property.'[2] This would appear to suggest that Combined Property Control - sometimes also styled as the Combined Property Control Group - is a vehicle operated by Weis as a 'sole trader'. The group would appear to own or control a variety of companies all of which are registered with Companies House. In the same case just noted it was reported that'Lockton explained that it had placed cover for the whole of Weis’s property portfolio with Axa on 26 March 2018.'[2]

The Weis family and Stone all live close to each other in Broughton Park, Salford in Greater Manchester.

Interests

People

  • Aubrey Weis - controls the entity
  • Benny Stone Property Manager at Combined Property Control - as listed on his LinkedIn page.[3]

Contact

Address: 66 Waterpark Road, Salford, Greater Manchester, M7 4JL
Landline: 0161 740 0116[4]

Resources

Notes

  1. ↑ https://www.placenorthwest.co.uk/the-subplot-last-mile-flex-hopes-salfords-secret-millionaire
  2. ↑ 2.0 2.1 Ida Axling Lockton denies fraud allegations in ongoing legal dispute Insurance Age, 21 Oct 2020
  3. ↑ LinkedIn Benny Stone. Archived version. Captured 3 December 2023.
  4. ↑ https://local.standard.co.uk/company/764639244189697
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